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Skunk City's Housing Market: Soaring Home Values Amidst Industrial Legacy
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Skunk City, a neighborhood in Syracuse, New York, has experienced significant shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, along with notable changes in average home prices and average rent prices. The neighborhood has generally maintained a higher percentage of renters compared to homeowners, while both housing and rental markets have shown upward trends in recent years.
The homeownership rate in Skunk City has fluctuated between 35% and 44% from 2013 to 2022. In 2013, the homeownership rate was 38%, which increased to 44% by 2017, representing the highest rate during this period. However, by 2022, it had decreased to 37%. Interestingly, these changes in homeownership rates correspond with trends in average home prices. In 2013, the average home price was $30,831, which rose to $37,517 by 2017, coinciding with the peak in homeownership. The average home price continued to climb, reaching $76,513 in 2022, despite the decrease in homeownership percentage.
The relationship between federal interest rates and homeownership rates in Skunk City 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 in the neighborhood increased from 38% to 42%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed a slight decline, ending at 37% in 2022.
Renter percentages in Skunk City have remained consistently higher than homeownership rates, ranging from 55% to 65% between 2013 and 2022. The highest percentage of renters was recorded in 2015 at 65%, corresponding with an average rent price of $700. Interestingly, as the population decreased from 2,756 in 2013 to 2,584 in 2022, average rent prices generally increased. The average rent price rose from $723 in 2013 to $810 in 2022, representing an 12% increase over this period. This trend suggests that despite a declining population, demand for rental properties in the area remained strong.
In 2023, the average home price in Skunk City reached $79,230, showing a continued upward trend from previous years. The federal interest rate for 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $86,227, while the federal interest rate has slightly risen to 5.33%. These figures indicate a resilient housing market in Skunk City, with home prices continuing to appreciate despite higher borrowing costs.
Looking ahead, based on the trends observed, we can project that average home prices in Skunk City are likely to continue their upward trajectory over the next five years. If the current rate of appreciation persists, average home prices could potentially reach around $110,000 to $120,000 by 2029. Similarly, average rent prices are expected to follow this upward trend, potentially increasing to approximately $950 to $1,000 per month in the same timeframe.
In summary, Skunk City has demonstrated a dynamic housing market characterized by fluctuating homeownership rates, steadily increasing average home prices, and rising average rent prices. Despite changes in population and interest rates, the neighborhood has shown resilience in its property values. The consistent preference for renting in the area, coupled with appreciating property values, suggests a continued strong rental market alongside potential opportunities for homeownership growth in the coming years.
