Loading Content...
Grider's Housing Boom: Average Home Values Triple Amid Rising Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Grider, a neighborhood in Buffalo, New York, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates and a substantial rise in average home prices, alongside fluctuating rental costs. These trends indicate a growing attractiveness of the Grider neighborhood for homeowners and sustained demand for housing in the area. From 2013 to 2022, Grider witnessed a consistent upward trend in homeownership rates. The percentage of residents owning their homes increased from 48% in 2013 to 58% in 2022, marking a 10 percentage point rise. This increase in homeownership coincided with a remarkable surge in average home prices. In 2013, the average home price in Grider was $25,742. By 2022, this figure had more than tripled to $90,229, representing a 250% increase over nine years. The relationship between federal interest rates and homeownership rates in Grider appears to follow the general economic principle that lower interest rates encourage homeownership. However, local factors seem to have played a significant role in influencing homeownership decisions, particularly during periods of rising interest rates. For instance, from 2017 to 2019, as interest rates increased from 1% to 2.16%, homeownership rates in Grider actually rose from 47% to 52%.
As homeownership rates increased, the percentage of renters in Grider correspondingly decreased from 52% in 2013 to 42% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, albeit with some fluctuations. The average rent increased from $823 in 2013 to $962 in 2021, a 16.9% rise. However, 2022 saw a notable decrease in average rent to $787, an 18.2% drop from the previous year. This decrease coincided with a significant reduction in population from 6,080 in 2021 to 5,277 in 2022, which may have influenced rental demand and prices. Recent data shows that the average home price in Grider continued to rise in 2023, reaching $90,340. In 2024, it further increased to $97,626, an 8.1% jump from the previous year. This increase occurred despite the Federal interest rate rising to 5.33% in 2024, significantly higher than the 1.68% rate in 2022. Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Grider will continue to rise, albeit potentially at a slower rate due to higher interest rates. The average home price could reach approximately $120,000 by 2029. For average rent prices, a recovery from the 2022 dip is expected, with prices potentially reaching around $1,100 by 2029, assuming stable economic conditions and continued population growth. In summary, Grider has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite a recent dip, rental prices have also shown an overall upward trend. The neighborhood's housing market has demonstrated resilience and growth, even in the face of fluctuating interest rates and population changes. These trends suggest a growing attractiveness of the Grider neighborhood for homeowners and continued demand for housing in the area.
