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Rising Home Values and Shifting Ownership in Castleton-on-Hudson: 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
Castleton-on-Hudson, located in New York, is a small community that has experienced significant changes in its housing market over the past decade. The village has seen a notable shift in homeownership rates, coupled with fluctuations in average home prices and rent costs. This analysis will explore these trends and their interrelationships.
From 2013 to 2022, Castleton-on-Hudson witnessed a substantial decrease in homeownership rates. In 2013, 77% of residential properties were owner-occupied, but by 2022, this figure had dropped to 62%. Conversely, the percentage of renters increased from 23% to 38% during the same period. This shift occurred alongside significant changes in average home prices. In 2013, the average home price was $196,125, which rose to $294,746 by 2022, representing a 50.3% increase over nine years.
The relationship between federal interest rates and homeownership rates in Castleton-on-Hudson follows a well-established trend. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, one might expect homeownership to increase. However, the village experienced a contrary trend, with homeownership declining despite favorable borrowing conditions. This suggests that other local factors, such as changes in employment opportunities or demographic shifts, may have played a more significant role in housing decisions than interest rates alone.
Renter percentages and average rent prices in Castleton-on-Hudson show an interesting inverse relationship. As the proportion of renters increased from 23% in 2013 to 38% in 2022, average rent prices actually decreased. In 2013, the average rent was $957, which dropped to $633 by 2022, a 33.9% decrease. This trend might be attributed to an increase in rental property supply or changes in the local economy affecting rental market dynamics.
Looking at the most recent data, the average home price in Castleton-on-Hudson continued to rise, reaching $306,925 in 2023 and $320,363 in 2024. This represents a 4.1% increase from 2023 to 2024. Simultaneously, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the village.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Castleton-on-Hudson will continue to rise, potentially reaching around $375,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $700 per month by 2029, as the rental market adjusts to the increased demand and changing economic conditions.
In summary, Castleton-on-Hudson has experienced a significant shift from homeownership to renting over the past decade, despite rising home values. The inverse relationship between increasing renter percentages and decreasing average rent prices is particularly noteworthy. As the village moves forward, it's likely to see continued growth in home values and a potential stabilization in the rental market, reflecting the evolving dynamics of this small New York community.
