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Millbrook: Rising Home Values and Changing Ownership Patterns in a Small New York Community
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
Millbrook, located in New York state, is a small community with a population of 1,382 as of 2022. This charming village has experienced fluctuating trends in homeownership and housing prices over the past decade. The ownership percentage has remained relatively stable, while average home prices have shown significant growth, particularly in recent years.
The homeownership rate in Millbrook has fluctuated between 44% and 53% from 2013 to 2022. In 2013, 47% of residences were owner-occupied, which increased to 52% by 2022. During this period, average home prices experienced substantial growth. In 2013, the average home price was $334,294, rising steadily to $569,081 by 2022, representing a remarkable 70% increase over nine years.
Federal interest rates have played a role in homeownership trends in Millbrook. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.4%), homeownership rates increased from 47% to 52%. However, as interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership rates remained relatively stable at around 50-53%. This suggests that while low interest rates may have encouraged homeownership, other factors also influenced the local housing market.
Renter percentages in Millbrook have generally mirrored homeownership rates, fluctuating between 47% and 56% from 2013 to 2022. Average rent prices have shown an upward trend during this period. In 2013, the average rent was $1,193, which decreased slightly to $1,041 in 2015 before steadily increasing to $1,437 by 2022, representing a 20% increase over the nine-year period. The population of Millbrook decreased from 1,503 in 2013 to 1,382 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, Millbrook continued to see growth in average home prices. The average home price reached $588,717 in 2023 and further increased to $602,663 in 2024, representing a 3.5% and 2.4% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the village.
Looking ahead, based on the historical data and current trends, it is projected that average home prices in Millbrook will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $700,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,700 by 2029, assuming the current growth rate continues.
In summary, Millbrook has experienced relatively stable homeownership rates with significant growth in average home prices over the past decade. The rental market has seen steady increases in average rent prices, despite a slight decrease in population. The recent surge in federal interest rates may influence future homeownership trends, while both home prices and rent prices are projected to continue their upward trajectory in the coming years.
