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Honeoye Falls Housing Market: Rising Prices and Shifting Ownership Trends
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
Honeoye Falls, located in New York state, is a charming community with a rich history dating back to the early 19th century. Known for its picturesque waterfalls and historic architecture, this village has experienced notable shifts in its housing market over the past decade. From 2013 to 2022, Honeoye Falls saw a gradual decrease in homeownership rates, coupled with a significant increase in average home prices and average rent prices.
The trend between homeownership percentage and average home prices in Honeoye Falls shows an inverse relationship. In 2013, the homeownership rate was 66%, with an average home price of $220,127. By 2022, the homeownership rate had decreased to 56%, while the average home price had risen to $363,101, representing a 65% increase over this period. This trend suggests that as home prices increased, fewer residents were able to afford homeownership, leading to a shift towards renting.
Federal interest rates appear to have influenced homeownership rates in Honeoye Falls. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 64-67%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly, dropping from 65% in 2017 to 56% in 2022. This trend aligns with the general principle that higher interest rates can make homeownership less attainable due to increased borrowing costs.
The renter percentage in Honeoye Falls has shown a steady increase, corresponding with rising average rent prices. In 2013, 34% of residents were renters, with an average rent of $824. By 2022, the renter percentage had increased to 44%, and the average rent had risen to $877, a 6.4% increase. This trend suggests that as homeownership became less accessible, more residents turned to renting, despite the increase in rental costs. The village's population grew from 3,001 in 2013 to 3,051 in 2022, which may have contributed to the increased demand for rental properties.
As of 2024, the average home price in Honeoye Falls has reached $407,626, representing a 12% increase from 2022. This significant jump coincides with a federal interest rate of 5.33% in 2024, which is substantially higher than the 1.68% rate in 2022. The 2023 data shows an average home price of $388,288, indicating a steady upward trend in property values despite rising interest rates.
Looking ahead, predictive models suggest that average home prices in Honeoye Falls will continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are also expected to increase, driven by the ongoing demand for rental properties as homeownership remains challenging for some residents.
In summary, Honeoye Falls has experienced a clear shift towards renting, with homeownership rates declining from 66% to 56% between 2013 and 2022. This change has occurred alongside a substantial 65% increase in average home prices and a more modest 6.4% rise in average rent prices. The recent spike in federal interest rates to 5.33% in 2024 may further impact the housing market, potentially slowing home price growth but maintaining pressure on the rental market. These trends highlight the evolving nature of housing in Honeoye Falls and the ongoing challenges in balancing affordability with property value appreciation.
