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Rising Home Values and Shifting Ownership in Lockport, New York: 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
Lockport, a city in New York state with a population of 20,808 in 2022, has experienced notable shifts in its housing landscape over the past decade. Known for its historic Erie Canal locks, this small city has seen interesting trends in homeownership rates, average home prices, and average rent prices. The homeownership rate in Lockport has shown a gradual decline from 2013 to 2022. In 2013, 58% of residents were homeowners, but by 2022, this figure had decreased to 56%. Despite this slight decline, average home prices have seen a significant upward trend. In 2013, the average home price was $113,521, which steadily increased to $215,014 by 2022, representing an impressive 89% increase over nine years. This trend suggests that while fewer residents are becoming homeowners, property values in Lockport have been appreciating considerably.
Federal interest rates have played a role in shaping homeownership trends in Lockport. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 58%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we see a corresponding drop in homeownership rates, reaching 54% by 2019. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The rental market in Lockport has shown an inverse relationship to homeownership trends. As the percentage of homeowners decreased, the proportion of renters increased from 42% in 2013 to 44% in 2022. Average rent prices have fluctuated over this period but show an overall upward trend. In 2013, the average rent was $793, which increased to $837 by 2022, representing a 5.5% increase. Notably, there was a peak in average rent in 2017 at $851, followed by a slight decline and then a gradual increase again.
Looking at the most recent data, the average home price in Lockport continued its upward trajectory, reaching $224,463 in 2023 and $233,865 in 2024. This represents a 4.4% and 4.2% year-over-year increase respectively. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lockport will continue to rise, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching about $900 by 2029, considering the historical fluctuations and overall upward trend.
In summary, Lockport has experienced a slight shift towards renting, with homeownership rates decreasing marginally. Despite this, average home prices have seen substantial appreciation, nearly doubling over the past decade. The rental market has shown more moderate growth in prices. These trends, coupled with fluctuating interest rates, paint a picture of a dynamic housing market in Lockport, with property values on the rise and a gradual shift in the balance between homeowners and renters.
