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Schenevus: Rising Home Values and Ownership Rates Amidst Dynamic Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Schenevus, a community in New York, has experienced notable shifts in its housing landscape over the past decade. This analysis explores the interplay between homeownership rates, average home prices, and average rent prices, revealing intriguing trends that reflect the dynamic nature of Schenevus' real estate market.
The homeownership rate in Schenevus has shown a significant upward trend, particularly in recent years. In 2013, 77% of residents owned their homes, and this figure steadily increased to 86% by 2022. This substantial rise in homeownership coincides with a consistent increase in average home prices. In 2013, the average home price was $97,048, which rose to $158,499 by 2022, representing a 63.3% increase over this period.
The relationship between federal interest rates and homeownership rates in Schenevus presents an interesting case. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable, hovering around 75-78%. However, a significant jump in homeownership occurred in 2020-2022, rising from 81% to 86%, even as interest rates began to climb. This suggests that local factors may have played a more substantial role in driving homeownership than national interest rate trends during this period.
Conversely, the percentage of renters in Schenevus has decreased over time, dropping from 23% in 2013 to 14% in 2022. Interestingly, average rent prices have shown volatility during this period. From 2013 to 2021, average rent prices fluctuated between $645 and $737, with a general downward trend. However, 2022 saw a significant spike in average rent, jumping to $909, a 41% increase from the previous year. This sudden increase in rent prices, coupled with the declining renter population, suggests a potential shortage of rental properties or an increase in the quality of available rentals.
Looking at more recent data, the average home price in Schenevus continued its upward trajectory, reaching $164,098 in 2023 and $169,455 in 2024. This represents a 3.6% year-over-year increase from 2022 to 2023 and a further 3.3% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, hitting 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Schenevus will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $190,000 to $200,000, assuming a conservative annual growth rate of 2-3%. For rent prices, the recent spike suggests a potential market correction, and we might see average rents stabilize around $950-$1,000 per month over the next five years, barring any significant economic shifts or changes in local housing policy.
In summary, Schenevus has experienced a robust increase in homeownership rates and average home prices over the past decade, with a particularly strong surge in recent years. The rental market has seen a decrease in the renter population accompanied by volatile rent prices, culminating in a significant increase in 2022. These trends, combined with rising interest rates, paint a picture of a dynamic housing market that continues to evolve, favoring homeownership while potentially presenting challenges for renters.
