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Rising Home Values and Ownership Fluctuations in Rochester's Charles House Area Council: A Decade of Change
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 Charles House Area Council neighborhood in Rochester, New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This community, characterized by a mix of residential and commercial properties, has seen a general trend of increasing average home prices, while ownership percentages have fluctuated considerably. From 2013 to 2022, the neighborhood witnessed a slight decrease in homeownership rates, dropping from 28% to 24%. This period was marked by notable variations, with homeownership reaching a peak of 38% in 2020 before declining sharply. Concurrently, average home prices in the area have shown a substantial upward trend. In 2013, the average home price was $34,575, which more than doubled to $74,497 by 2022, representing a 115% increase over nine years.
The relationship between federal interest rates and homeownership rates in the Charles House Area Council neighborhood appears to follow established trends. When interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership in the neighborhood reached its peak at 38% in 2020. This aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in the neighborhood have generally remained high, increasing from 72% in 2013 to 76% in 2022. This trend coincides with fluctuations in average rent prices. In 2013, the average rent was $1,375, which increased to $1,477 by 2019. However, there was a significant drop in average rent to $923 in 2020, followed by a gradual increase to $1,009 by 2022. These changes in rent prices may be influenced by various factors, including the neighborhood's population dynamics, which saw a slight decrease from 2,569 in 2013 to 2,515 in 2022.
Looking at the most recent data, the average home price in the Charles House Area Council neighborhood reached $69,333 in 2023 and further increased to $79,272 in 2024. This represents a 14.3% increase in just one year. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in the Charles House Area Council neighborhood will continue to rise, potentially reaching around $90,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a moderate increase, potentially reaching an average of $1,200 to $1,300 per month by 2029, assuming economic conditions remain stable and the neighborhood maintains its current demographic composition.
In summary, the Charles House Area Council neighborhood has experienced a general trend of increasing average home prices despite fluctuations in homeownership rates. The community has maintained a high percentage of renters, with average rent prices showing some volatility but generally trending upward. The recent sharp increase in federal interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the coming years. However, the neighborhood's resilience and consistent long-term growth in property values suggest it remains an attractive area for both residents and investors.
