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Rising Home Values and Ownership in Cold Brook, New York: A Village with Unique Rental Trends
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
Cold Brook, located in New York, is a small community with a population of 1,322 as of 2022. The village has experienced fluctuations in its population and housing market over the past decade, with notable trends in homeownership rates and property values. Homeownership in Cold Brook has shown a strong upward trend over the years. In 2013, the percentage of owner-occupied homes was 80%, which steadily increased to 87% by 2022. This significant rise in homeownership coincided with an overall increase in average home prices. In 2013, the average home price in Cold Brook was $95,963, which rose to $158,845 by 2022, representing a substantial 65.5% increase over nine years. The relationship between federal interest rates and homeownership rates in Cold Brook appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 80% to 85%. Even as interest rates began to rise from 2017 onwards, the established trend of high homeownership in the village continued, reaching 91% in 2021 when interest rates were at a very low 0.08%.
Conversely, the percentage of renters in Cold Brook has decreased over time, dropping from 20% in 2013 to 13% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. The average rent was $733 in 2013, peaked at $750 in 2019, and then slightly decreased to $741 in 2022. This trend suggests that even with fewer renters, the rental market has maintained relatively stable prices, possibly due to the overall increase in property values in the area.
Looking at the most recent data, the average home price in Cold Brook reached $159,677 in 2023 and further increased to $159,930 in 2024. This continued upward trend in home values occurs despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust local housing market that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Cold Brook will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. The average home price could potentially reach around $175,000 to $180,000 by 2029. Average rent prices are expected to remain relatively stable with possible modest increases, potentially reaching $780 to $800 per month by 2029.
In summary, Cold Brook has demonstrated a strong trend towards homeownership, with a significant increase in both the percentage of owner-occupied homes and average home prices over the past decade. Despite rising interest rates, the housing market has shown resilience, with continued growth in property values. The rental market, while shrinking in terms of occupancy, has maintained stable prices. These trends suggest a community with a strong preference for homeownership and a real estate market that has seen consistent appreciation, positioning Cold Brook as an area of potential interest for long-term property investment.
