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Grant Ferry: Soaring Home Values and Increasing Ownership in Buffalo's Diverse Neighborhood
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
Grant Ferry, a vibrant neighborhood in Buffalo, New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its diverse community and rich history, reflects broader economic trends and local market dynamics in its housing landscape. From 2013 to 2022, Grant Ferry saw a notable increase in homeownership rates. The percentage of residents owning homes rose from 33% in 2013 to 38% in 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Grant Ferry was $55,870. By 2022, it had risen dramatically to $193,710, representing a 246% increase over nine years. The relationship between federal interest rates and homeownership rates in Grant Ferry aligns with established economic patterns. As interest rates remained low throughout the 2010s, ranging from 0.1% to 0.4% between 2011 and 2016, homeownership rates gradually increased. This trend supports the notion that lower interest rates make mortgages more affordable, encouraging home buying. The homeownership rate increased from 33% in 2013 to 44% in 2021, corresponding with the period of low interest rates.
Renter percentages and average rent prices in Grant Ferry have shown an inverse relationship to homeownership trends. As homeownership increased, the percentage of renters decreased from 67% in 2013 to 62% in 2022. Despite this decrease in renters, average rent prices have steadily climbed. In 2013, the average rent was $736 per month. By 2022, it had risen to $1,129, a 53% increase. This upward trend in rent prices occurred even as the neighborhood's population remained relatively stable, fluctuating between 7,650 and 8,207 residents during this period.
The most recent data shows that average home prices in Grant Ferry reached $189,250 in 2023 and increased slightly to $192,213 in 2024. This represents a modest growth of 1.6% from 2023 to 2024, indicating a potential stabilization in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Grant Ferry will continue to rise, albeit at a more moderate pace. Given the recent stabilization and higher interest rates, average home prices are projected to reach approximately $220,000 by 2029. For rent prices, the upward trend is expected to persist, potentially reaching an average of $1,400 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, Grant Ferry has experienced a significant increase in homeownership and average home prices over the past decade, while rental rates have decreased but average rents have risen. The neighborhood's housing market has shown resilience and growth, with recent data suggesting a potential stabilization. Future trends indicate continued, though more moderate, growth in both home prices and rents, reflecting the area's desirability and evolving economic landscape.
