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Rising Home Values and Ownership Fluctuations in Beechwood, Rochester
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beechwood, a neighborhood in Rochester, New York, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home values, and rental prices from 2013 to 2024. The neighborhood has shown resilience and growth despite economic fluctuations.
From 2013 to 2022, Beechwood's homeownership rate fluctuated notably. Starting at 39% in 2013, it dropped to a low of 32% in 2019 before rebounding to 39% in 2022. Concurrently, average home prices demonstrated substantial growth. In 2013, the average home price was $45,285, which increased to $105,803 by 2022, representing a 133% rise over this period.
The relationship between federal interest rates and homeownership rates in Beechwood generally followed an inverse pattern. When interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 33%. As rates rose to 1.68% in 2022, homeownership increased to 39%, possibly due to buyers securing mortgages before further rate increases.
Renter percentages in Beechwood mirrored the inverse of homeownership trends. The proportion of renters increased from 61% in 2013 to a peak of 68% in 2019, before returning to 61% in 2022. Average rent prices showed moderate fluctuations during this period. In 2013, the average rent was $983, remaining relatively stable until 2021 when it rose to $1,062. By 2022, it had decreased slightly to $948.
Recent data shows that the average home price in Beechwood for 2023 was $101,692, a slight decrease from 2022. However, 2024 saw a rebound with average home prices reaching $111,205, despite the federal interest rate rising to 5.33%. This suggests strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, a continued upward trajectory for average home prices in Beechwood is anticipated. Based on historical data and current market conditions, average home prices could potentially reach around $130,000 to $140,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,100 to $1,200 per month in the same timeframe.
In conclusion, Beechwood has experienced a complex interplay between homeownership rates, housing prices, and rental markets over the past decade. The neighborhood has seen significant appreciation in home values, a recent rebound in homeownership rates, and relatively stable rent prices. These trends, coupled with current economic conditions and interest rates, suggest a dynamic and potentially opportunity-rich real estate market in Beechwood for the coming years.
