Loading Content...
Cassadaga: Rising Home Values and Ownership Rates in a Small New York Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cassadaga, located in New York state, is a small community with a rich history and unique character. Over the past decade, this village has experienced notable shifts in homeownership rates, average home prices, and average rent prices. The overall trend shows an increase in homeownership, rising average home prices, and fluctuating average rent prices.
From 2013 to 2022, Cassadaga saw a significant increase in homeownership rates, rising from 75% to 88%. This trend coincided with a steady climb in average home prices. In 2013, the average home price was $89,353, which rose to $160,178 by 2022, representing a substantial 79% increase over nine years. This positive correlation suggests that as property values increased, more residents were motivated to invest in homeownership.
The relationship between federal interest rates and homeownership rates in Cassadaga presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.14%), homeownership rates didn't see significant growth until 2020. The homeownership rate jumped from 75% in 2019 to 80% in 2020, coinciding with a drop in interest rates from 2.16% to 0.38%. This trend continued into 2021 and 2022, with homeownership reaching 85% and 88% respectively, even as interest rates began to rise.
As homeownership increased, the percentage of renters in Cassadaga decreased from 25% in 2013 to 12% in 2022. Interestingly, average rent prices showed an overall upward trend during this period, despite the declining renter population. The average rent increased from $656 in 2013 to $737 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $740. This trend suggests that even with fewer renters, the rental market remained relatively strong, possibly due to limited rental inventory or increased demand for the remaining rental properties.
In 2023 and 2024, Cassadaga continued to see growth in average home prices. The average home price reached $167,173 in 2023 and further increased to $174,071 in 2024. This represents a 4.3% increase from 2022 to 2023 and an additional 4.1% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before 2008.
Looking ahead, predictive models suggest that average home prices in Cassadaga will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $200,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $800 per month by 2029, assuming the current trends continue and no major economic disruptions occur.
In summary, Cassadaga has experienced a notable increase in homeownership rates and average home prices over the past decade. The community has shown resilience in its housing market, with property values appreciating significantly. The rental market, while shrinking in terms of percentage of residents, has maintained relatively strong average rent prices. These trends, combined with the recent sharp increase in interest rates, suggest a dynamic and evolving housing market in Cassadaga for the coming years.
