Loading Content...
Rising Home Values and Strong Ownership in Calverton: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Calverton, located in New York, is a residential community with a unique blend of suburban and rural characteristics. The area has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
Homeownership rates in Calverton have remained relatively stable, hovering around 85-88% between 2013 and 2022. However, there has been a slight downward trend in recent years, with the ownership rate decreasing from 88% in 2018 to 83% in 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $306,830, which steadily rose to $519,082 by 2022, representing a substantial 69% increase over this period.
The relationship between federal interest rates and homeownership rates in Calverton shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained high at 86-87%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a gradual decline in homeownership rates, dropping to 83% by 2022.
The rental market in Calverton has shown interesting trends. The percentage of renters increased from 12% in 2018 to 17% in 2022, indicating a growing demand for rental properties. However, average rent prices have not followed a consistent upward trajectory. In 2013, the average rent was $1,872, which fluctuated over the years, reaching a peak of $1,960 in 2016 before declining to $1,544 in 2022. This decrease in average rent despite an increase in the renter population could be attributed to various factors, including changes in housing supply or local economic conditions.
Looking at the most recent data, the average home price in Calverton continued its upward trend, reaching $536,403 in 2023 and further increasing to $567,033 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Calverton will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could potentially reach the $650,000 to $700,000 range. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching around $1,800 to $2,000 by 2029, assuming economic conditions remain stable and housing demand continues to grow.
In summary, Calverton has experienced a gradual shift towards a slightly higher proportion of renters, coupled with substantial increases in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the community continues to evolve, these trends will likely shape the future of housing affordability and accessibility in Calverton.
