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Rising Home Values and Shifting Ownership in Albany's Hudson/Park Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
Zillow: Zillow Home Value Index (ZHVI)
Hudson/Park, a neighborhood in Albany, New York, has experienced significant changes in its real estate market and demographics over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and rent prices from 2013 to 2024, as well as projections for the future. The homeownership rate in Hudson/Park has fluctuated considerably between 2013 and 2022. Starting at 28% in 2013, it dropped to its lowest point of 18% in 2017 before recovering to 26% in 2022. During this same period, average home prices showed a consistent upward trend, increasing from $170,303 in 2013 to $249,746 in 2022, representing a substantial 46.6% increase. Federal interest rates have played a significant role in shaping homeownership trends in the neighborhood. From 2013 to 2016, interest rates were historically low, ranging from 0.09% to 0.4%. Despite these favorable borrowing conditions, homeownership rates declined from 28% to 22% during this time, suggesting that other factors such as local economic conditions or housing availability may have had a stronger influence on homeownership than interest rates alone.
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Renter occupancy has remained predominant in Hudson/Park throughout the observed period. The percentage of renters reached its peak at 82% in 2017 and settled at 74% in 2022. Average rent prices have shown a consistent upward trend, increasing from $774 in 2013 to $1,029 in 2022, a rise of 32.9%. This trend aligns with the neighborhood's population growth, which increased from 3,009 in 2013 to 3,056 in 2022, potentially driving demand for rental properties.
In 2023, the average home price in Hudson/Park reached $265,532, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $283,117, while interest rates slightly rose to 5.33%. These figures represent a continuation of the upward trend in home prices, despite higher interest rates which typically dampen housing demand.
Looking ahead, predictive models suggest that both average home prices and rent prices in Hudson/Park are likely to continue their upward trajectory over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $330,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially surpassing $1,200 per month within the same timeframe.
In summary, Hudson/Park has experienced a notable increase in both average home prices and rent prices over the past decade, despite fluctuations in homeownership rates. The neighborhood's persistent high percentage of renters, combined with rising property values, suggests a competitive and dynamic real estate market. As interest rates continue to play a role in shaping homeownership trends, the coming years are likely to see further evolution in the neighborhood's housing landscape.
