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Rising Home Values and Stable Ownership in Suffern: A Decade of 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
Suffern, located in New York state, is a small yet vibrant community with a population of 11,376 as of 2022. This charming village has experienced modest growth over the past decade, with a notable trend in homeownership rates and fluctuating average home and rent prices. The ownership percentage in Suffern has remained relatively stable, hovering around 70% between 2013 and 2022. In 2013, the homeownership rate was 71%, and by 2022, it stood at 69%. During this period, average home prices showed a significant upward trend. In 2016, the average home price was $354,848, and by 2022, it had increased to $458,214, representing a 29% rise over six years. Federal interest rates have played a role in homeownership trends in Suffern. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at around 70-71%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a slight dip in homeownership to 70% in 2018. However, the rate rebounded to 72% in 2019 when interest rates were at 2.16%.
Renter percentages in Suffern have fluctuated between 28% and 32% from 2013 to 2022. The average rent prices have shown some volatility during this period. In 2013, the average rent was $1,501, which increased to $1,561 in 2014. However, there was a decline in subsequent years, with the average rent dropping to $1,414 in 2017. Since then, there has been a general upward trend, with the average rent reaching $1,531 in 2022. This represents a modest 2% increase from 2013 to 2022.
In 2023, the average home price in Suffern reached $485,588, showing a continued upward trend. As of 2024, the average home price has further increased to $518,946. This represents a significant 13.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying decisions in the coming years.
Looking ahead, based on the observed trends, we can forecast the following for the next five years: 1. Average home prices are likely to continue their upward trajectory, potentially reaching around $600,000 by 2029, assuming a similar growth rate. 2. Average rent prices may see moderate increases, potentially reaching approximately $1,700 by 2029, if the current trend continues.
In summary, Suffern has maintained a relatively stable homeownership rate despite rising average home prices. The relationship between federal interest rates and homeownership has been complex, with homeownership rates remaining resilient even as interest rates fluctuated. Rent prices have shown more volatility but have generally trended upward in recent years. The sharp increase in home prices and interest rates in 2023 and 2024 suggests a changing landscape for both homeowners and renters in Suffern, which may influence future housing market dynamics.
