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Rising Home Values and Ownership Trends in Cattaraugus, NY: A Decade of Change
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
Cattaraugus, located in New York state, is a small community with a population of 1,641 as of 2022. This village has experienced fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight decrease in homeownership, while average home prices have steadily increased, particularly in recent years.
From 2013 to 2022, the homeownership rate in Cattaraugus decreased slightly from 77% to 76%. During this same period, average home prices rose significantly, from $70,716 in 2013 to $139,200 in 2022, representing a 96.8% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made it more challenging for some residents to become homeowners.
Federal interest rates have played a role in homeownership trends in Cattaraugus. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 73-75%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership to 71% in 2017. However, the community seems to have adapted, with ownership rates recovering to 76% by 2022 despite higher interest rates.
The rental market in Cattaraugus has shown interesting trends. The percentage of renters increased from 23% in 2013 to a peak of 29% in 2017, before settling back to 24% in 2022. Average rent prices have fluctuated during this period, with a notable decrease from $516 in 2013 to $360 in 2019, followed by an increase to $506 in 2022. These fluctuations in rent prices and renter percentages could be influenced by various factors, including changes in the local economy and housing supply.
In 2023 and 2024, Cattaraugus continued to see growth in average home prices, reaching $143,410 in 2023 and $147,148 in 2024. This represents a steady increase of about 2.6% annually. Interestingly, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the historical data and recent trends, we can forecast that average home prices in Cattaraugus are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, average home prices could potentially reach around $167,000 by 2029. Rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching an average of $550-$600 per month in the same timeframe.
In summary, Cattaraugus has experienced a slight decrease in homeownership rates coupled with a substantial increase in average home prices over the past decade. The rental market has shown fluctuations in both renter percentages and average rent prices. Despite rising interest rates, the housing market in the village appears to remain robust, with continued growth in property values expected in the coming years.
