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Glen Park: Rising Home Values and Shifting Ownership in a Small New York Community
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
Glen Park, located in New York, is a small community that has experienced notable fluctuations in its housing market over the past decade. The city has seen shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
Homeownership rates in Glen Park have shown a general decline from 2013 to 2022. In 2013, the homeownership rate was 82%, reaching a peak of 87% in 2017. However, by 2022, it had decreased to 70%. This downward trend in homeownership coincides with a significant increase in average home prices. From 2013 to 2022, average home prices rose from $116,122 to $157,138, representing a 35.3% increase over the period.
The relationship between federal interest rates and homeownership rates in Glen Park shows some correlation. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 84-86%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, dropping to 70% by 2022.
The renter population in Glen Park has shown an inverse relationship to homeownership trends. The percentage of renters increased from 18% in 2013 to 30% in 2022. This rise in renters coincided with an increase in average rent prices. In 2013, the average rent was $721, which steadily increased to $1,103 by 2022, representing a 53% increase. The population growth from 1,240 in 2013 to 1,455 in 2022 may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, Glen Park continued to see growth in average home prices. The average home price reached $164,685 in 2023 and further increased to $172,702 in 2024. This represents a 9.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the observed trends, it's projected that average home prices in Glen Park will continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, Glen Park has experienced a decline in homeownership rates coupled with rising home prices and rents over the past decade. The inverse relationship between homeownership and rental rates, along with the steady increase in both home prices and rents, suggests a shifting housing market dynamic in the community. The recent sharp rise in interest rates may further influence these trends in the coming years.
