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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Starin Central, a neighborhood in Buffalo, New York, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a notable shift towards increased owner-occupancy and rising average home prices, along with fluctuating average rent prices. The homeownership rate in Starin Central has shown a consistent upward trend, increasing from 58% in 2013 to 68% in 2022. This 10 percentage point increase in owner-occupied housing units reflects a growing preference for homeownership in the neighborhood. Simultaneously, average home prices have risen substantially, from $140,646 in 2010 to $329,733 in 2022, representing a remarkable 134% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Starin Central appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 58% to 62%. However, even as interest rates began to rise from 2017 onwards, the homeownership rate in Starin Central continued to climb, suggesting other local factors may have influenced this trend.
Conversely, the percentage of renters in Starin Central has decreased from 42% in 2013 to 32% in 2022. Despite this decline, average rent prices have shown volatility. Average rent peaked at $917 in 2013, dropped to a low of $735 in 2018, and then increased again to $894 in 2022. This fluctuation in average rent prices, despite a decreasing renter population, could indicate changes in the quality or type of rental properties available or shifts in local economic conditions.
In 2023 and 2024, the neighborhood has continued to see growth in average home prices. The average home price in Starin Central reached $341,592 in 2023 and further increased to $352,957 in 2024. This represents a 7% increase from 2022 to 2024, indicating a continued strong housing market in the area. It's worth noting that federal interest rates have also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying trends.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Starin Central will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $400,000 by 2029. Average rent prices, which have been more volatile, may stabilize or show moderate increases, potentially reaching around $1,100 per month in the same timeframe.
In summary, Starin Central has demonstrated a strong trend towards homeownership, with consistently rising average home prices over the past decade. The neighborhood has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. While the rental market has experienced more fluctuations, the overall trend suggests a shift towards a more owner-occupied community. These trends indicate a potentially growing desirability of the neighborhood and could signify ongoing economic development in the area.