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Home Values Double in Bucks Hill, Waterbury: A Decade of Real Estate Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bucks Hill: A Decade of Real Estate Dynamics Bucks Hill, a diverse neighborhood in Waterbury, Connecticut, has experienced significant changes in its real estate landscape over the past decade. From 2013 to 2022, the area saw a gradual decline in homeownership rates alongside a substantial increase in property values, reflecting broader economic trends and local market forces. Homeownership rates in Bucks Hill decreased from 67% in 2013 to 62% in 2022. Despite this decline, average home prices in the neighborhood grew remarkably. In 2013, the average home price was $95,628, which increased to $205,427 by 2022, representing a 114.8% rise over nine years.
The interplay between federal interest rates and homeownership rates in Bucks Hill aligns with established patterns. During the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at 66-70%. However, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, dropping to 62% by 2022.
Renter percentages in Bucks Hill have inversely mirrored homeownership trends, increasing from 33% in 2013 to 38% in 2022. Average rent prices also demonstrated an upward trajectory, albeit with fluctuations. In 2013, the average rent was $1,001, which rose to $1,267 by 2022, marking a 26.6% increase. A notable jump in average rent occurred from $1,103 in 2017 to $1,412 in 2018, coinciding with a population increase from 8,119 to 8,830 during the same period.
Recent data shows that the average home price in Bucks Hill reached $230,047 in 2023 and further increased to $258,221 in 2024, representing a substantial 25.7% increase from 2022 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the neighborhood.
Predictive models forecasting 5-year trends suggest that average home prices in Bucks Hill will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $320,000 to $350,000, assuming a moderate annual growth rate of 4-6%. Average rent prices are also expected to increase, potentially reaching $1,600 to $1,800 per month by 2029, based on historical trends and accounting for inflation and demand in the area.
In conclusion, Bucks Hill has experienced a gradual shift towards renting, with homeownership rates declining slightly over the past decade. Despite this trend, average home prices have more than doubled since 2013, indicating strong property value appreciation. The neighborhood has also seen steady increases in average rent prices, particularly in recent years. These trends, coupled with rising interest rates, suggest a dynamic and evolving real estate market in Bucks Hill, with potential opportunities and challenges for both homeowners and renters in the coming years.
