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Clayville: Rising Home Values and Ownership Rates in a Small New York Community
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
Clayville, located in New York state, is a small community with a population of 1,570 as of 2022. This village has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Clayville has shown a notable increase in recent years, rising from 71% in 2018 to 84% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2018, the average home price in Clayville was $123,896, which rose steadily to reach $191,543 by 2022, representing a 54.6% increase over four years.
The relationship between federal interest rates and homeownership rates in Clayville appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as federal interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in Clayville were relatively stable, hovering around 73-82%. However, as interest rates began to rise more significantly from 2017 onwards, there was initially a slight dip in homeownership rates before they rebounded, possibly due to other local factors.
The rental market in Clayville has shown inverse trends to homeownership. As homeownership rates increased, the percentage of renters decreased from 29% in 2018 to 16% in 2022. Interestingly, despite this decrease in renter population, average rent prices have generally trended upward. The average rent price rose from $776 in 2018 to $894 in 2022, an increase of 15.2%. This increase in rent prices, despite a shrinking renter population, could be attributed to overall housing market pressures and limited rental inventory.
Looking at the most recent data, the average home price in Clayville reached $200,483 in 2023 and further increased to $207,032 in 2024. This continued upward trend in home prices is occurring alongside a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the village.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Clayville will likely continue to rise, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $230,000 to $240,000 by 2029. For rent prices, the forecast suggests a continued gradual increase, potentially reaching an average of $950 to $1,000 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, Clayville has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite this shift, average rent prices have continued to rise. The village's housing market appears resilient, showing growth even in the face of rising interest rates. These trends suggest a strong local housing market with increasing property values, which could continue to shape the community's demographic and economic landscape in the coming years.
