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Frewsburg's Rising Home Values and Ownership Rates: A Decade of Growth
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
Frewsburg, located in New York state, is a small community with a rich history and a dynamic real estate market. Over the past decade, this charming locality has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Frewsburg has shown considerable fluctuation between 2013 and 2022. In 2013, the homeownership rate stood at 77%. It reached its peak in 2016 at 91%, before settling at 89% in 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $87,020, which has risen consistently to reach $152,694 by 2022, representing a substantial 75.5% increase over this period. This upward trend in home prices, coupled with the high homeownership rate, suggests a strong demand for housing in the area and potentially favorable economic conditions for homeowners.
Federal interest rates have played a significant role in shaping homeownership trends in Frewsburg. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate increased from 77% to 91%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more steadily from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed some fluctuation but remained high at 89% in 2022, indicating a resilient local housing market.
The rental market in Frewsburg has shown inverse trends to homeownership. The percentage of renters decreased from 23% in 2013 to a low of 9% in 2016, before rising slightly to 11% in 2022. Interestingly, despite these fluctuations, the average rent has shown an overall upward trend. In 2013, the average rent was $769, which decreased to $688 in 2016 but then rose to $812 by 2022. This represents a 5.6% increase in average rent from 2013 to 2022, despite the lower percentage of renters. This trend could be attributed to factors such as improved rental property quality or increased demand for the limited rental inventory available.
In 2023 and 2024, the housing market in Frewsburg continued its upward trajectory. The average home price reached $159,267 in 2023 and further increased to $164,220 in 2024. This represents a 7.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust local housing market with sustained demand.
Looking ahead, based on the historical trends and current market conditions, we can project continued growth in both home prices and rental rates over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $190,000 by 2029. Similarly, average rent prices could increase to approximately $900 per month. However, these projections assume relatively stable economic conditions and local market factors.
In summary, Frewsburg has demonstrated a strong preference for homeownership, with rates consistently above 80% in recent years. The steady increase in average home prices, even in the face of rising interest rates, indicates a robust and desirable local real estate market. While the rental market represents a smaller portion of the housing landscape, it has shown resilience with gradually increasing average rents. These trends collectively paint a picture of a stable and growing housing market in Frewsburg, with potential for continued appreciation in both home values and rental rates in the coming years.
