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Mount Vernon's Housing Market: Resilience Amid Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mount Vernon, a city in New York, has experienced notable shifts in its housing landscape over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the city's real estate market. From 2013 to 2022, Mount Vernon saw fluctuations in homeownership rates, with a general trend towards increased renting. In 2013, the homeownership rate was 40%, which decreased to 36% by 2018. However, there was a significant uptick to 49% in 2021, followed by a sharp decline to 38% in 2022. Concurrently, average home prices in Mount Vernon showed a steady upward trend. In 2013, the average home price was $325,222, which rose to $542,020 by 2022, representing a substantial 66.7% increase over this period.
The relationship between federal interest rates and homeownership rates in Mount Vernon shows some correlation. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), coinciding with stable homeownership rates around 36-40%. The slight increase in interest rates to 1.83% by 2018 corresponded with a dip in homeownership to 36%. Interestingly, despite historically low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership spiked to 46% and 49%, possibly due to pandemic-related factors.
Renter percentages in Mount Vernon have generally increased over the years, from 60% in 2013 to 62% in 2022, with some fluctuations in between. Average rent prices have also shown an upward trend, rising from $1,222 in 2013 to $1,472 in 2022, a 20.5% increase. The city's population growth, from 68,218 in 2013 to 71,717 in 2022, likely contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, Mount Vernon's real estate market showed signs of stabilization. The average home price slightly decreased to $535,331 in 2023 and further to $534,608 in 2024. This cooling trend coincides with higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening home buying enthusiasm.
Looking ahead, predictive models suggest a potential continuation of the recent cooling trend in home prices for the next five years, with prices possibly stabilizing or experiencing modest growth. Rent prices, however, are projected to continue their upward trajectory, albeit at a more moderate pace, driven by sustained demand for rental properties in the area.
In summary, Mount Vernon's housing market has demonstrated resilience and growth over the past decade, with significant increases in both home prices and rent. The city has experienced shifts between homeownership and renting, influenced by various factors including interest rates and broader economic conditions. Recent data indicates a possible stabilization in the housing market, while the rental market continues to show strength. These trends underscore the dynamic nature of Mount Vernon's real estate landscape and its responsiveness to both local and national economic factors.
