Elmira, a city in New York state's Southern Tier region and the birthplace of Mark Twain, has experienced significant demographic and housing market changes over the past decade. From 2013 to 2022, Elmira's homeownership rate showed a modest increase, rising from 48% to 50%. This slight uptick in homeownership occurred despite varying economic conditions and changes in the housing market. During this period, average rent prices in Elmira demonstrated an overall upward trend, increasing from $699 in 2013 to $788 in 2022, representing a 12.7% increase over nine years.

The relationship between homeownership rates and federal interest rates in Elmira follows a generally expected pattern. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates in Elmira stayed relatively stable, hovering around 44-48%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, Elmira's homeownership rate actually increased slightly to 50%, possibly indicating other local factors influencing housing decisions.

Renter percentages in Elmira have shown some fluctuation over the years. In 2013, 52% of the population were renters, which increased to a peak of 56% in 2015 and 2016. However, by 2022, the renter percentage had returned to 50%, equal to the homeownership rate. This trend coincided with changes in average rent prices, which rose from $699 in 2013 to $788 in 2022. The city's declining population, from 29,174 in 2013 to 26,494 in 2022, may have influenced these housing market dynamics by affecting demand for rental properties.