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Rising Home Values and Declining Ownership: La Fargeville's Changing Housing Landscape
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
La Fargeville, located in New York state, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This small community has seen significant changes in its demographic composition and real estate market, reflecting broader economic shifts and local developments.
The homeownership rate in La Fargeville has shown a general decline over the years, with some fluctuations. In 2013, the homeownership rate stood at 85%, reaching its peak of 90% in 2017 and 2018. However, by 2022, it had decreased to 76%, marking a notable shift in the community's housing landscape. This trend coincided with changes in average home prices, which have generally increased over the same period.
Average home prices in La Fargeville have shown an upward trajectory, albeit with some variability. In 2013, the average home price was $130,013. After a slight dip to $119,923 in 2017, prices began to rise more steadily, reaching $174,325 in 2022. This represents a substantial increase of about 34% from 2013 to 2022. The trend suggests that rising home prices may have contributed to the decline in homeownership rates, as higher prices could make purchasing a home more challenging for some residents.
The relationship between federal interest rates and homeownership rates in La Fargeville appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained high at 85-86%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observe a corresponding decline in homeownership rates to 76% by 2022.
Renter percentages in La Fargeville have inversely mirrored the homeownership trends, increasing from 15% in 2013 to 24% in 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $451, rising sharply to $910 in 2016, then fluctuating before settling at $827 in 2022. This represents an overall increase of about 83% from 2013 to 2022. The population has remained relatively stable during this period, ranging from 2,029 to 2,368 residents, suggesting that changes in rent prices were likely influenced by factors other than population growth, such as local economic conditions or housing supply changes.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, with values reaching $177,135 in 2023 and $182,911 in 2024. This represents a further increase of about 5% from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in La Fargeville.
Looking ahead, based on the observed trends, we can predict that average home prices in La Fargeville may continue to rise over the next five years, potentially reaching around $200,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict but could stabilize around $900-$1,000 per month if recent trends persist.
In summary, La Fargeville has experienced a gradual decline in homeownership rates alongside rising average home prices over the past decade. Renter percentages have increased, with average rent prices showing significant fluctuations. The interplay between federal interest rates, housing prices, and ownership rates reflects the complex dynamics of the local real estate market, influenced by broader economic trends and local factors.
