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Rising Home Values and Shifting Ownership in Upper Brookville: A Decade of Luxury Real Estate 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
Upper Brookville, located in New York, is a small yet affluent community with a population of 1,780 as of 2022. This charming village, spanning 4.3 square miles, has experienced notable fluctuations in homeownership rates and property values over the past decade. The community has consistently maintained a high percentage of owner-occupied homes, though this has slightly decreased in recent years. Concurrently, average home prices have shown a significant upward trend, particularly in the last few years.
The homeownership rate in Upper Brookville has experienced a gradual decline from 2013 to 2022. In 2013, 90% of homes were owner-occupied, but this figure decreased to 84% by 2022. Despite this decline, the average home prices in the village have shown a remarkable increase. In 2013, the average home price was $1,471,355, which rose to $2,035,825 by 2022, representing a substantial 38.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Upper Brookville appears to follow general economic trends. As interest rates remained low from 2013 to 2020, ranging between 0.08% and 2.16%, the homeownership rate remained relatively stable, fluctuating between 90% and 92%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate dropped to 84%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
The percentage of renters in Upper Brookville has increased from 10% in 2013 to 16% in 2022. This trend coincides with a significant rise in average rent prices. In 2013, the average rent was $1,860, which increased to $1,982 by 2022, representing a 6.6% increase. The rise in both renter percentage and rent prices could be attributed to the growing population, which increased from 1,813 in 2013 to 1,780 in 2022, creating more demand for rental properties.
In 2023 and 2024, Upper Brookville has continued to see growth in average home prices. The average home price reached $2,074,168 in 2023 and further increased to $2,168,505 in 2024, marking a 4.5% year-over-year increase. This upward trend has occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow down home price appreciation.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Upper Brookville will continue to appreciate over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could potentially reach around $2.5 million by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $2,300 to $2,500 per month in the same timeframe.
In summary, Upper Brookville has experienced a gradual shift towards more renters, with a corresponding decrease in homeownership rates. Despite this, average home prices have shown robust growth, particularly in recent years. The village's real estate market has demonstrated resilience in the face of rising interest rates, with both home prices and rent costs continuing to climb. These trends suggest that Upper Brookville remains an attractive and valuable real estate market, with potential for continued growth in both the homeownership and rental sectors.
