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Rising Home Values and Stable Ownership: Rushville's Resilient Housing Market
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
Rushville, located in New York state, is a small community with a rich history and evolving demographic landscape. Over the past decade, this village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Rushville has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 82%, and by 2022, it had increased slightly to 84%. This indicates a strong preference for homeownership in the community. During this period, average home prices in Rushville have shown a steady upward trend. In 2013, the average home price was $152,473, and by 2022, it had risen significantly to $281,394, representing an impressive 84.6% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Rushville. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. This period coincided with a slight increase in homeownership rates, from 82% in 2013 to 84% in 2015. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, the homeownership rate experienced minor fluctuations but ultimately remained strong at 84% in 2022, suggesting a resilient local housing market.
Renter percentages in Rushville have shown some variation, inversely mirroring homeownership trends. In 2013, the renter-occupied rate was 18%, which decreased to 16% in 2015 and 2016. However, it rose to 22% in 2017 before settling back to 16% in 2022. Average rent prices have generally increased over this period, starting at $796 in 2013 and reaching $1,011 in 2022, a 27% increase. This rise in rent prices occurred despite fluctuations in the village's population, which peaked at 1,900 in 2014 and declined to 1,659 by 2022.
In 2023 and 2024, Rushville continued to see growth in average home prices. The average home price reached $294,014 in 2023 and further increased to $310,481 in 2024. This represents a 10.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Rushville may continue their upward trajectory over the next five years, potentially reaching around $350,000 by 2029. Rent prices are also expected to follow this upward trend, possibly exceeding $1,200 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Rushville has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing home values. Despite rising interest rates and fluctuations in the renter population, the community has maintained a strong preference for homeownership. The consistent growth in both home prices and rent suggests a desirable living environment, though it may also present affordability challenges for some residents in the future.
