Loading Content...
Fort Edward: Rising Home Values and Ownership Rates in a Historic New York Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fort Edward, located in New York state, is a small community with a rich history dating back to the colonial era. The village has experienced fluctuating trends in homeownership and rental markets over the past decade, with notable shifts in average rent prices and ownership percentages.
The homeownership rate in Fort Edward has shown a general upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 69%, which increased to 71% by 2022. This trend suggests a growing preference for homeownership in the community. However, there were some fluctuations within this period. For instance, the ownership rate dipped to 64% in 2015 and 2016 before rebounding. The highest homeownership rate was recorded in 2020 and 2021 at 73%.
The relationship between federal interest rates and homeownership rates in Fort Edward shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates were relatively stable. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a noticeable increase in homeownership rates, reaching 72% in 2019. This trend contradicts the typical expectation that lower interest rates encourage homeownership, suggesting that other local factors may have played a significant role in Fort Edward's housing market dynamics.
Renter percentages in Fort Edward have generally decreased from 2013 to 2022, inversely mirroring the homeownership trend. The percentage of renter-occupied homes was 31% in 2013, peaked at 36% in 2015 and 2016, and then declined to 29% by 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $950, which increased to $997 by 2016. However, there was a significant drop to $879 in 2019, followed by an increase to $1,025 in 2021, before settling at $917 in 2022. These fluctuations in rent prices don't show a clear correlation with the renter percentages, suggesting that other factors such as local economic conditions or housing supply may have influenced the rental market.
In 2023 and 2024, Fort Edward has seen significant changes in its housing market. The average home price in 2024 is $250,874, indicating a substantial increase from previous years. This rise in home prices coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates and increased home prices may impact affordability and potentially influence future homeownership trends in the village.
Looking ahead, based on the observed trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in Fort Edward are likely to continue rising, albeit at a potentially slower rate due to the higher interest rates. We might expect average home prices to reach around $275,000 to $300,000 by 2029. For rent prices, considering the historical volatility, we may see continued fluctuations. However, if the trend of increasing homeownership persists, rent prices might stabilize or show modest increases, potentially reaching an average of $1,100 to $1,200 per month by 2029.
In summary, Fort Edward has demonstrated a trend towards increased homeownership over the past decade, despite rising home prices and interest rates. The rental market has shown more volatility, both in terms of renter percentages and average rent prices. The recent surge in home prices and interest rates presents new challenges and opportunities for the local housing market, potentially influencing future homeownership rates and rental dynamics in this historic New York village.
