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Rising Home Values and Shifting Ownership in Voorheesville: A Small Village's Housing 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
Voorheesville, located in New York state, is a small community with a population of 2,840 as of 2022. This charming village has experienced interesting shifts in homeownership rates and housing prices over the past decade. The overall trend shows a gradual decrease in homeownership, coupled with a significant increase in average home prices and average rent.
The homeownership rate in Voorheesville has seen a slight decline from 2013 to 2022. In 2013, 81% of residents were homeowners, while by 2022, this figure had decreased to 76%. During this same period, average home prices in the village experienced substantial growth. In 2013, the average home price was $232,313, and by 2022, it had risen to $346,102, representing a 49% increase over nine years. 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 purchase homes.
Federal interest rates have played a role in shaping homeownership trends in Voorheesville. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 81-82%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline. This trend aligns with the general understanding that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The percentage of renters in Voorheesville has increased from 19% in 2013 to 24% in 2022. This rise in the renter population coincides with an increase in average rent prices. In 2013, the average rent was $1,001, which grew to $1,103 by 2022, representing a 10.2% increase. The most significant jump in average rent occurred between 2020 and 2021, rising from $1,308 to $1,597, before moderating in 2022. This surge in rental prices, combined with the increasing renter population, suggests a growing demand for rental properties in the village.
As of 2024, the average home price in Voorheesville stands at $376,663, continuing the upward trend observed in previous years. This represents a 8.2% increase from the 2022 average of $346,102. The current federal interest rate in 2024 is 5.33%, which is significantly higher than the 1.68% rate in 2022. This elevated interest rate may continue to impact homeownership rates and housing affordability in the village.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Voorheesville are likely to continue rising over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may also continue to increase, driven by the growing renter population and overall housing demand in the area. However, the rate of increase for both home prices and rents may slow down if interest rates remain high, potentially affecting overall housing affordability and demand.
In summary, Voorheesville has experienced a gradual shift towards a higher proportion of renters, accompanied by significant increases in both average home prices and average rent. The interplay between federal interest rates, housing prices, and homeownership rates highlights the complex dynamics of the local real estate market. As the village continues to evolve, these trends will likely shape its housing landscape in the coming years, potentially influencing community demographics and economic patterns.
