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Rising Home Values and Ownership Fluctuations in Roslyn, New York
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
Roslyn, located in New York, is a charming community with a rich history and a population of 2,152 as of 2022. This small village, spanning just 0.65 square miles, has experienced interesting shifts in homeownership and housing prices over the past decade.
The ownership percentage in Roslyn has seen fluctuations, with a general trend towards increased homeownership from 2013 to 2019, followed by a decline in recent years. In 2013, the homeownership rate was 74%, which steadily increased to 79% by 2019. However, this trend reversed, dropping to 70% by 2022. Concurrently, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $737,581, which rose significantly to $1,199,160 by 2022, representing a substantial 62.6% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Roslyn. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the increase in homeownership during this time. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates, dropping from 79% in 2019 to 70% in 2022.
The renter percentage in Roslyn has inversely mirrored the homeownership trends. Starting at 26% in 2013, it decreased to 21% by 2019 before climbing back to 30% in 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $2,143, which peaked at $2,581 in 2018 before declining to $1,901 in 2022. This represents an overall decrease of 11.3% from 2013 to 2022, despite the increasing renter population.
Looking at the most recent data, the average home price in Roslyn reached $1,257,038 in 2023 and further increased to $1,350,290 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Roslyn to continue their upward trajectory, potentially reaching around $1,600,000 by 2029. However, rent prices may stabilize or show modest increases, possibly reaching an average of $2,200 per month in the same timeframe.
In summary, Roslyn has experienced a notable shift from peak homeownership in 2019 to an increase in renters by 2022, coinciding with rising home prices and fluctuating rent costs. The recent surge in interest rates, coupled with consistently increasing home prices, suggests a potential continuation of the trend towards renting in the near future, unless other economic factors intervene to make homeownership more accessible.
