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Near Westside Syracuse: Rising Home Values Amid Neighborhood Revitalization
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Near Westside neighborhood of Syracuse, New York, has experienced significant changes in its housing market over the past decade. This area, known for its diverse community and ongoing revitalization efforts, has seen notable fluctuations in homeownership rates, average home prices, and average rent costs that reflect broader economic trends and local dynamics.
From 2013 to 2022, the Near Westside witnessed a slight increase in homeownership, rising from 23% to 25%. This modest growth coincided with a substantial rise in average home prices. In 2013, the average home price in the neighborhood was $32,775. By 2022, this figure had more than doubled to $71,386, representing a 118% increase over nine years. This upward trend in home prices appears to have had a mixed impact on homeownership rates, as the increase in property values may have made purchasing a home more challenging for some residents.
The relationship between federal interest rates and homeownership rates in the Near Westside shows some correlation. In 2013, when interest rates were at a low 0.11%, homeownership stood at 23%. As interest rates remained low through 2020 (0.38%), homeownership fluctuated but ultimately decreased to 19%. However, as interest rates began to rise more significantly in 2021 and 2022, reaching 1.68%, homeownership increased to 25%. This unexpected trend suggests that local factors may have played a more significant role in homeownership decisions than national interest rates during this period.
Renter percentages in the Near Westside have remained high throughout the observed period, ranging from 75% to 82% of the population. Average rent prices have shown an overall upward trend, increasing from $627 in 2013 to $813 in 2022, a 29.7% rise. The most significant jump occurred between 2021 and 2022, with average rent increasing from $724 to $813, a 12.3% increase in just one year. This sharp rise in rent prices coincides with a slight decrease in the renter population, from 80% in 2021 to 75% in 2022, possibly indicating that some renters may have been priced out of the market or transitioned to homeownership.
Looking at the most recent data, the average home price in the Near Westside continued to rise in 2023, reaching $71,618, a slight increase from 2022. In 2024, the average home price has jumped to $79,692, representing an 11.3% increase from the previous year. This significant rise in home values has occurred despite federal interest rates climbing to 5.33% in 2024, which typically would be expected to cool the housing market. The persistence of rising home prices in the face of higher interest rates suggests strong demand or limited housing supply in the Near Westside.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in the Near Westside will continue to rise, albeit potentially at a slower rate due to the current high interest rate environment. We project that by 2029, average home prices could reach approximately $95,000 to $100,000, assuming a moderate annual growth rate of 3-5%. For average rent prices, the forecast suggests a continued upward trajectory, potentially reaching $950 to $1,000 per month by 2029, based on historical trends and accounting for potential market adjustments.
In summary, the Near Westside neighborhood has experienced significant growth in both average home prices and average rent costs over the past decade. The slight increase in homeownership rates, despite rising property values, indicates a complex interplay of factors influencing housing decisions in the area. The recent surge in home prices, even in the face of rising interest rates, suggests a robust local housing market. As the neighborhood continues to evolve, balancing affordability with development will be crucial for maintaining its diverse community character.
