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Coram: Rising Home Values and Steady Ownership Amidst Interest Rate Fluctuations
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
Coram, located in New York, is a vibrant community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Coram, providing insights into the local real estate landscape. The homeownership rate in Coram has shown a gradual increase over the years, rising from 67% in 2013 to 68% in 2022. This upward trend in homeownership has coincided with a substantial increase in average home prices. In 2013, the average home price in Coram was $238,311, which steadily climbed to $428,948 by 2022, representing an impressive 80% increase over this period.
The relationship between federal interest rates and homeownership rates in Coram is notable. Despite fluctuations in federal interest rates, homeownership rates have remained relatively stable, with a slight upward trend. For instance, when interest rates were at historic lows of 0.08% in 2021, homeownership reached 70%. This suggests that low interest rates may have contributed to increased homebuying activity in the area.
Renter percentages in Coram have remained relatively stable, hovering around 30-32% from 2013 to 2022. However, average rent prices have shown a consistent upward trend. In 2013, the average rent was $1,748, which increased to $1,832 by 2022, representing a 4.8% rise. This increase in rent prices, while not as dramatic as the surge in home prices, still outpaced inflation during this period.
As of 2024, the average home price in Coram has reached $493,741, marking a significant 15.2% increase from 2022. This surge in home prices has occurred despite a rise in federal interest rates to 5.33% in 2024, indicating strong demand in the local housing market even in the face of higher borrowing costs.
Looking ahead, based on the observed trends, we can anticipate continued growth in both average home prices and rent prices in Coram over the next five years. Home prices are projected to maintain their upward trajectory, potentially reaching or exceeding $550,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,200 per month within the same timeframe.
In summary, Coram has demonstrated a robust and growing housing market characterized by increasing homeownership rates, rapidly appreciating home values, and steadily rising rent prices. The community's ability to maintain high homeownership rates despite fluctuating interest rates suggests a strong local economy and desirable living conditions. As the area continues to develop, both homeowners and investors are likely to see continued appreciation in property values, while renters may face increasing costs in the coming years.
