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Fillmore, NY: Rising Home Values and 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
Fillmore, located in New York state, is a small community that has experienced notable changes in its housing market over the past decade. The city has seen a significant shift towards homeownership, with average home prices steadily increasing and average rent prices following suit. This analysis will explore the intricate relationship between these trends and their implications for Fillmore's residents.
The homeownership rate in Fillmore has shown a remarkable upward trend, rising from 64% in 2013 to an impressive 82% in 2022. This substantial increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $74,155, which grew steadily to reach $128,067 by 2022, representing a 72.7% increase over nine years. This correlation suggests that despite rising prices, more residents were able and willing to invest in homeownership.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, Fillmore's homeownership rate fluctuated between 59% and 64%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), surprisingly, homeownership in Fillmore also increased, reaching 73% by 2019. This trend continued even as interest rates dropped again in 2020 and 2021, with homeownership reaching 82% by 2022, despite a slight increase in interest rates to 1.68%.
The rental market in Fillmore has seen a corresponding decline in the percentage of renters, dropping from 36% in 2013 to 18% in 2022. Despite this decrease, average rent prices have consistently increased. In 2013, the average rent was $540, which rose to $738 by 2022, a 36.7% increase. This trend suggests that while fewer residents are renting, those who do are paying significantly more. The population fluctuations, from 1,281 in 2013 to 1,374 in 2022, may have contributed to the pressure on rental prices despite the declining renter population.
In 2023 and 2024, Fillmore experienced a slight dip in average home prices, with values of $124,728 and $126,782 respectively. This represents a minor correction from the peak of $128,067 in 2022. Interestingly, this occurred as federal interest rates sharply increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, predictive models suggest that average home prices in Fillmore may continue to rise moderately over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, Fillmore has witnessed a significant shift towards homeownership, with average home prices rising substantially. The rental market has shrunk in terms of occupancy but has seen consistent increases in average rent. Despite fluctuations in federal interest rates, the community has maintained a strong trend towards homeownership. The recent stabilization in home prices, coupled with higher interest rates, may indicate a new phase in Fillmore's housing market dynamics.
