Cayuga, a small community in New York state, has experienced significant changes in its housing market over the past decade. This rural yet suburban-like village has seen a slight decrease in homeownership rates coupled with substantial increases in both home prices and rent. From 2013 to 2022, the homeownership rate in Cayuga declined from 88% to 84%. During this same period, average home prices rose dramatically from $147,631 to $228,107, marking a 54.5% increase. The most rapid appreciation occurred between 2020 and 2022, with a 24.3% jump in home prices.

Federal interest rates have played a crucial role in shaping Cayuga's homeownership trends. From 2013 to 2016, historically low interest rates coincided with stable homeownership rates of 85-88%. As interest rates rose more significantly from 2017 to 2019, homeownership dipped slightly to 84%. Interestingly, the subsequent drop in interest rates in 2020 and 2021 did not lead to increased homeownership, possibly due to the rapid rise in home prices during this period.

The renter population in Cayuga has increased correspondingly, from 12% in 2013 to 16% in 2022. This trend aligns with the rise in average rent prices, which increased from $555 in 2013 to $727 in 2022, a 31% increase. The most substantial jump in rent occurred between 2017 and 2018, with a 28.2% increase. Despite these increases, the renter population has remained relatively stable at 16-18% since 2016, suggesting a balance between rental demand and supply in the village.