Loading Content...
Heuvelton: Rising Home Values and Shifting Ownership Trends in a Small 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
Heuvelton, located in New York state, is a small community with a dynamic real estate market. Over the past decade, the village has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local factors.
The homeownership rate in Heuvelton has shown a general upward trend from 2013 to 2018, with some fluctuations in recent years. In 2013, the homeownership rate was 76%, which increased to a peak of 84% in 2017. However, there was a slight decline to 74% by 2022. Concurrently, average home prices have steadily increased. In 2013, the average home price was $84,355, which rose to $131,895 by 2022, representing a 56% increase over this period. This trend suggests that despite rising home prices, homeownership remained relatively attractive to residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained very low, hovering around 0.1-0.4%. During this period, homeownership in Heuvelton increased from 76% to 82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, dropping to 74% by 2022. This correlation aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Heuvelton have fluctuated inversely to homeownership rates. In 2013, 24% of residents were renters, which decreased to a low of 16% in 2017 before rising again to 26% by 2022. Average rent prices have shown an overall upward trend, increasing from $600 in 2013 to $785 in 2022, a 31% increase. Interestingly, the village's population has fluctuated over this period, reaching a peak of 1,845 in 2017 before declining to 1,462 in 2022. These population changes may have influenced the demand for rental properties and subsequently affected rent prices.
In 2023 and 2024, we see a continuation of the upward trend in average home prices. The average home price in Heuvelton reached $135,354 in 2023 and further increased to $141,527 in 2024. This represents a 7.3% increase from 2022 to 2024. 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 village.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in Heuvelton. Assuming the current trajectory continues, average home prices could potentially reach around $165,000 to $175,000 by 2029. For average rent prices, if the upward trend persists, we might see figures approaching $900 to $950 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Heuvelton has experienced a general increase in homeownership rates and average home prices over the past decade, with some recent fluctuations. Renter percentages have inversely mirrored homeownership trends, while average rent prices have steadily increased. The relationship between federal interest rates and homeownership rates has been evident, with lower rates generally corresponding to higher homeownership. The recent sharp increase in interest rates, coupled with rising home prices, may pose challenges for future homeownership in the village.
