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Syracuse Home Values and Ownership: A Decade of Growth in the Salt City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Syracuse, a vibrant city in New York State, has experienced notable shifts in its housing market over the past decade. Known for its rich history and as home to Syracuse University, the city has seen fluctuations in homeownership rates, average home prices, and average rent prices. From 2013 to 2022, Syracuse witnessed a gradual increase in homeownership, coupled with significant growth in average home prices and average rent prices.
The relationship between homeownership rates and average home prices in Syracuse reveals an interesting trend. In 2013, the homeownership rate stood at 39%, with average home prices at $88,786. By 2022, homeownership had increased to 43%, while average home prices rose dramatically to $157,510, representing a 77.4% increase over this period. This upward trend in both homeownership and home prices suggests a growing demand for housing in Syracuse, despite the rising costs.
Federal interest rates have played a crucial role in shaping homeownership trends in Syracuse. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with a slight increase in homeownership from 39% to 41%. As interest rates began to rise more significantly in 2022 to 1.68%, homeownership still managed to increase to 43%, indicating a strong desire for homeownership in Syracuse even in the face of higher borrowing costs.
Renter percentages and average rent prices in Syracuse have also shown notable trends. In 2013, 61% of the population were renters, with average rent at $700. By 2022, the renter percentage had decreased slightly to 57%, while average rent had increased to $931, a 33% rise. This trend suggests that while rental costs have increased, there has been a slight shift towards homeownership. The population of Syracuse remained relatively stable during this period, fluctuating between 142,310 and 146,124, which may have contributed to the steady demand for rental properties despite the rising costs.
In 2023 and 2024, Syracuse's housing market continued its upward trajectory. Average home prices reached $170,086 in 2023 and further increased to $184,096 in 2024, representing a 16.9% growth over these two years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Looking ahead, predictive models suggest that Syracuse's housing market will likely continue its growth trajectory over the next five years. Average home prices are projected to maintain their upward trend, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe. These projections are based on the consistent growth patterns observed in recent years and assume relatively stable economic conditions.
In summary, Syracuse has experienced a notable increase in homeownership rates and substantial growth in both average home prices and average rent prices over the past decade. The city's housing market has shown resilience, with homeownership rates increasing even as prices and interest rates have risen. The continued upward trend in both home prices and rent suggests a strong and growing demand for housing in Syracuse, reflecting the city's enduring appeal as a place to live and invest.
