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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Outer Comstock: A Decade of Housing Market Shifts Outer Comstock, a neighborhood in Syracuse, New York, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw a notable decline in homeownership rates alongside substantial increases in average home prices and rent costs. This analysis examines these trends and their implications for the neighborhood's residents.
Homeownership Trends and Home Prices The homeownership rate in Outer Comstock decreased from 28% in 2013 to 24% in 2022. This decline occurred simultaneously with a significant rise in average home prices. In 2013, the average home price in the neighborhood was $91,353. By 2022, this figure had increased to $150,307, representing a substantial 64.5% increase over the nine-year period.
Federal Interest Rates and Homeownership The relationship between federal interest rates and homeownership rates in Outer Comstock generally followed expected patterns. From 2013 to 2020, interest rates remained low, ranging from 0.09% to 0.38%. During this period, the homeownership rate initially held steady at around 28-29%. However, despite these low rates, homeownership began to decline from 2017 onwards, reaching 21% by 2020. This suggests that other factors, such as rising home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in the area.
Rental Market Trends As homeownership declined, the percentage of renters in Outer Comstock increased from 72% in 2013 to 76% in 2022. This rise in renters corresponded with an increase in average rent prices. The average monthly rent in the neighborhood grew from $757 in 2013 to $845 in 2022, an increase of 11.6%. Notably, the population of Outer Comstock remained relatively stable during this period, fluctuating between 5,632 and 5,923 residents. This suggests that the increase in renters and rent prices was not primarily driven by population growth.
Recent Developments and Future Projections In 2023 and 2024, average home prices in Outer Comstock continued to rise significantly. The average home price reached $161,869 in 2023 and further increased to $177,142 in 2024, representing a 17.8% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Based on observed trends, it is projected that average home prices in Outer Comstock will continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections assume a continuation of current trends and do not account for potential economic shifts or policy changes that could impact the housing market.
Conclusion Outer Comstock has experienced a decline in homeownership and an increase in renters over the past decade. This shift has occurred alongside substantial increases in both average home prices and rent costs. The neighborhood has shown resilience in terms of population stability, but the rising costs of both owning and renting suggest potential affordability challenges for residents in the coming years.