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St. George: Rising Home Values Amidst Stable Ownership in Staten Island's Waterfront Gem
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
St. George, located in Staten Island, New York, is a vibrant neighborhood known for its historic charm and waterfront views. Over the past decade, this area has experienced notable shifts in its real estate landscape, with fluctuating homeownership rates and significant changes in average home and rent prices. The neighborhood has maintained a consistent ratio of renters to owners, with approximately 72-74% of residents renting their homes throughout the observed period.
The relationship between homeownership rates and average home prices in St. George reveals an interesting dynamic. Despite substantial increases in average home prices, the percentage of owner-occupied homes has remained relatively stable. In 2013, when the average home price was $315,790, the homeownership rate was 28%. By 2022, average home prices had nearly doubled to $616,089, yet the homeownership rate remained at 28%. This suggests that rising property values have not significantly impacted the proportion of homeowners in the area, possibly due to long-term residents maintaining their properties or new buyers entering the market at higher price points.
Federal interest rates have historically influenced homeownership rates, with lower rates typically encouraging home purchases. However, in St. George, this relationship appears less pronounced. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates actually decreased slightly from 28% to 27%. Conversely, as interest rates rose to 1.83% in 2018, homeownership rates held steady at 27%. This suggests that other factors, such as local economic conditions or housing supply, may have a more significant impact on homeownership in this neighborhood than national interest rate trends.
Renter percentages and average rent prices in St. George have shown a clear upward trend. In 2013, 72% of residents were renters, with an average rent of $1,075. By 2022, the renter percentage had remained stable at 72%, but average rent had increased significantly to $1,707, a 58.8% rise over nine years. This substantial increase in rent prices, coupled with a growing population from 11,968 in 2013 to 12,484 in 2022, indicates strong demand for rental properties in the area, possibly driven by the neighborhood's attractiveness to young professionals or families seeking urban amenities with a suburban feel.
Looking at the most recent data, average home prices in St. George experienced a slight decline in 2023 to $582,808, down from $616,089 in 2022. However, the market showed signs of recovery in 2024, with average home prices increasing to $595,179. This rebound occurred despite federal interest rates rising to 5.33% in 2024, suggesting resilience in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices for St. George. Based on historical data and current market conditions, average home prices could potentially reach $650,000 to $700,000 by 2029. Similarly, average rent prices are projected to continue their upward trajectory, potentially surpassing $2,000 per month within the next five years.
In summary, St. George has demonstrated remarkable stability in its homeownership rates despite significant increases in property values. The neighborhood's consistently high renter population, coupled with rising rent prices, indicates strong demand for rental properties. The recent rebound in home prices, even in the face of higher interest rates, suggests a robust and desirable real estate market in this Staten Island community. As St. George continues to evolve, it is likely to remain an attractive option for both renters and homeowners, with property values and rent prices expected to maintain their upward trend in the coming years.
