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Cape Vincent: Home Values and Ownership Trends Along the St. Lawrence River
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cape Vincent, situated in New York state, is a small community with a rich history and a scenic location along the St. Lawrence River. The village has experienced fluctuating homeownership rates and housing prices over the years, with recent trends showing a shift in the local real estate market. The homeownership rate in Cape Vincent has remained relatively stable over the past decade, with a slight decline observed in recent years. In 2013, the homeownership rate stood at 82%, and it maintained this level through 2021. However, in 2022, there was a notable decrease to 76%, indicating a shift towards more renters in the community. This change coincided with an increase in the average rent price, which rose from $549 in 2020 to $555 in 2022.
The relationship between federal interest rates and homeownership rates in Cape Vincent follows a generally inverse pattern. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained steady at 82%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate dropped to 76%, suggesting that higher borrowing costs may have discouraged some potential buyers.
The rental market in Cape Vincent has shown an upward trend in recent years. The percentage of renters increased from 18% in 2021 to 24% in 2022, while the average rent price rose from $568 in 2021 to $555 in 2022. This slight decrease in rent despite the increase in renter percentage could be attributed to various local factors, including changes in housing supply or economic conditions.
In 2023 and 2024, Cape Vincent experienced significant developments in its housing market. The average home price in 2023 was $235,406, slightly decreasing to $234,271 in 2024. This minor decline occurred despite the federal interest rate rising from 5.02% in 2023 to 5.33% in 2024, indicating a resilient local housing market in the face of increasing borrowing costs.
Looking ahead, based on current trends and economic indicators, it's projected that average home prices in Cape Vincent may experience modest growth over the next five years. The average rent prices are also expected to continue their upward trajectory, potentially reaching around $600 by 2029. However, these projections are subject to various factors, including local economic conditions, population changes, and broader market forces.
In summary, Cape Vincent has witnessed a recent shift towards more renters, with a corresponding increase in average rent prices. The housing market has shown resilience despite rising interest rates, with only a slight decrease in average home prices from 2023 to 2024. As the community continues to evolve, these trends in homeownership, rental rates, and housing prices will play a crucial role in shaping the village's future demographic and economic landscape.
