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Rising Home Values in Syracuse's Far West-Side: A Decade of Stability Amidst Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Far West-Side neighborhood of Syracuse, New York, has experienced notable changes in its housing market over the past decade. This area has maintained a relatively stable balance between owner-occupied and renter-occupied housing units, with homeownership rates consistently around 52% in recent years. Both average home prices and average rent prices have shown an upward trend, particularly from the late 2010s to the early 2020s. The relationship between homeownership percentages and average home prices in the Far West-Side reveals interesting patterns. In 2013, the homeownership rate stood at 52% with an average home price of $70,453. As average home prices steadily increased to $89,448 by 2019, the homeownership rate remained stable at 52%. However, a slight dip to 51% occurred in 2020 when average home prices rose to $97,613, potentially indicating that rising prices were beginning to affect affordability for prospective homebuyers. Federal interest rates have played a role in homeownership trends in the Far West-Side. From 2013 to 2015, interest rates remained low, ranging from 0.11% to 0.13%, coinciding with a slight increase in homeownership from 52% to 53%. As interest rates began to rise more significantly from 2016 onwards, reaching 2.16% in 2019, homeownership rates fluctuated but generally remained above 50%, suggesting that other factors were also influencing homeownership decisions in the neighborhood.
Renter percentages and average rent prices have shown some correlation over the years. In 2013, with 48% of units being renter-occupied, the average rent was $736. As the renter percentage increased slightly to 49% in 2017, average rent also rose to $751. By 2019, despite a small decrease in renter-occupied units to 48%, average rent had climbed to $870, indicating that factors beyond occupancy rates were influencing rental prices. The population decrease from 12,758 in 2010 to 12,153 in 2019 may have contributed to the upward pressure on rent prices due to potentially reduced housing supply.
In 2023, the average home price in the Far West-Side reached $134,860, representing a significant increase from previous years. This trend continued into 2024, with average home prices rising further to $148,662. Concurrently, federal interest rates have also increased substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homeownership affordability and could potentially slow the rate of home price appreciation in the coming years.
Looking ahead, predictive models suggest that average home prices in the Far West-Side may continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall trend of rising housing costs in the area.
In summary, the Far West-Side neighborhood has maintained a relatively balanced housing market with a slight majority of owner-occupied units. The area has experienced significant growth in both average home prices and average rent prices, particularly in recent years. The interplay between federal interest rates, homeownership rates, and housing costs has shaped the neighborhood's real estate landscape. As we move forward, residents and potential investors should anticipate continued growth in housing values and rental rates, although the pace may be influenced by broader economic factors and local market conditions.
