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Rising Home Values and Ownership: Chaumont's Resilient Housing Market
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
Chaumont, located in New York state, is a small community that has experienced notable shifts in its housing market over the past decade. The village has seen a general trend towards increased homeownership, rising average home prices, and fluctuating average rent prices. These changes reflect the dynamic nature of Chaumont's real estate landscape and its adaption to broader economic factors.
The homeownership rate in Chaumont has shown a strong upward trend, particularly in recent years. In 2013, 83% of housing units were owner-occupied. This percentage dipped slightly to 77% in 2016 but has since rebounded significantly. By 2022, the homeownership rate reached an impressive 91%, indicating a substantial shift towards property ownership in the village. Concurrently, average home prices have generally increased. In 2013, the average home price was $155,117. Despite some fluctuations, including a dip to $138,137 in 2015, prices have shown an overall upward trajectory. By 2022, the average home price had risen to $218,334, representing a 40.8% increase from 2013.
The relationship between federal interest rates and homeownership rates in Chaumont appears to follow expected patterns. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.40%, homeownership rates generally increased. This aligns with the principle that lower interest rates make mortgages more affordable, encouraging home purchases. The sharp rise in homeownership from 85% in 2020 to 91% in 2022 occurred despite a slight increase in interest rates to 1.68% in 2022, suggesting other local factors may have also influenced this trend.
Renter percentages in Chaumont have inversely mirrored the homeownership trend, declining from 17% in 2013 to just 9% in 2022. Average rent prices, however, have shown significant volatility. In 2013, the average rent was $328 per month. This figure increased to $618 by 2017, then fluctuated before reaching $1,019 in 2022. This represents a 210.7% increase in average rent from 2013 to 2022, despite the decreasing percentage of renters. The sharp rise in rent prices, particularly from 2020 to 2022, may be attributed to factors such as increased demand for the limited rental properties available or improvements in rental unit quality.
In 2023 and 2024, Chaumont's housing market continued its upward trajectory. The average home price reached $237,951 in 2023 and further increased to $250,522 in 2024, representing a 14.7% rise over two years. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing in the village.
Looking ahead, predictive models suggest that average home prices in Chaumont may continue to rise over the next five years, potentially reaching around $300,000 by 2029 if current trends persist. Average rent prices, while more difficult to predict due to their historical volatility, could stabilize or continue to increase moderately, possibly approaching $1,200-$1,300 per month by 2029.
In summary, Chaumont has experienced a significant shift towards homeownership, with the rate increasing from 83% to 91% between 2013 and 2022. This change has been accompanied by substantial growth in average home prices and a volatile but generally upward trend in average rent prices. The village's real estate market has shown resilience and growth, even in the face of rising interest rates, indicating strong local demand for housing.
