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Rising Home Values and Stable Ownership in Lyons, NY: A Decade of Real Estate Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lyons, a community in New York, has experienced significant changes in its housing market over the past decade. This analysis examines the relationships between homeownership rates, average home prices, and average rent prices in Lyons, revealing noteworthy trends and patterns.
Homeownership in Lyons has demonstrated remarkable stability with a slight upward trend. The homeownership rate increased from 73% in 2013 to 77% in 2022. This trend coincided with a substantial rise in average home prices, which grew from $79,271 in 2013 to $129,080 in 2022, representing a 62.8% increase over the period.
The relationship between federal interest rates and homeownership rates in Lyons generally followed the established trend of lower interest rates encouraging homeownership. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates in Lyons maintained a steady level around 73-74%. Interestingly, as interest rates began to rise more significantly from 2017 onwards, homeownership rates in Lyons continued to climb, reaching 78% in 2018 and 2021, suggesting other local factors may have influenced this trend.
Regarding rental trends, the percentage of renters in Lyons has experienced a slight decline, from 27% in 2013 to 23% in 2022. Despite this decrease, average rent prices have shown a consistent upward trajectory. In 2013, the average rent was $596, which increased to $847 by 2022, marking a 42.1% rise. This trend suggests a growing demand for rental properties, possibly driven by factors such as job market changes or shifts in housing preferences.
Looking at the most recent data, average home prices in Lyons continued their upward trend, reaching $137,412 in 2023 and further increasing to $146,680 in 2024. This represents a 13.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast the next five years, it is anticipated that average home prices in Lyons will continue to rise, potentially reaching around $180,000 by 2029. This projection is based on the consistent growth observed over the past decade and assumes similar economic conditions persist. For average rent prices, the forecast suggests a continued increase, potentially reaching approximately $1,050 by 2029, reflecting the steady rise observed in recent years.
In summary, Lyons has demonstrated a robust housing market with increasing homeownership rates and rising property values. The community has shown resilience in maintaining high homeownership levels despite fluctuating interest rates. The rental market, while shrinking in terms of the percentage of renters, has seen significant increases in average rent prices, indicating a competitive rental landscape. These trends suggest a strong demand for housing in Lyons, with both ownership and rental sectors showing signs of growth and stability.
