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Theresa, NY: Home Values and Ownership Trends in a Small Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Theresa, located in New York state, is a small community that has experienced fluctuating population and housing trends over the past decade. The village has seen varying rates of homeownership and rental occupancy, alongside changes in average rent prices. This analysis will explore these trends and their relationships to housing market dynamics.
The homeownership rate in Theresa has shown a general decline from 2013 to 2021, with some fluctuations. In 2013, the homeownership rate was 73%, which decreased to 63% by 2021. This downward trend in homeownership coincided with an increase in average rent prices. The average rent rose from $842 in 2013 to $891 in 2021, representing a 5.8% increase over this period.
Federal interest rates play a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate in Theresa remained relatively stable at around 70-73%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, the homeownership rate dropped to 66%. This trend suggests that higher interest rates may have made home purchases less affordable for some residents, leading to a shift towards renting.
The rental market in Theresa has shown an inverse relationship to homeownership trends. As the percentage of homeowners decreased, the proportion of renters increased. In 2013, 27% of the population were renters, which grew to 37% by 2021. This increase in renter population corresponded with rising average rent prices, from $842 in 2013 to a peak of $970 in 2019, before slightly decreasing to $891 in 2021. The population growth from 2,096 in 2013 to 2,161 in 2021 may have contributed to the increased demand for rental properties.
In 2023 and 2024, Theresa experienced a notable shift in average home prices. The average home price in 2023 was $202,301, which slightly decreased to $200,972 in 2024. This period coincided with significantly higher federal interest rates, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates likely influenced the housing market, potentially making home purchases more challenging for some buyers.
Looking ahead, predictive models suggest that average home prices in Theresa may experience moderate growth over the next five years, potentially reaching around $215,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $1,100 per month within the same timeframe. These predictions are based on historical trends and current market conditions.
In summary, Theresa has experienced a gradual shift from homeownership to renting over the past decade, influenced by factors such as changing interest rates and population dynamics. The inverse relationship between homeownership rates and average rent prices highlights the interconnected nature of the housing market in this small New York community. As the village moves forward, it's likely to see continued evolution in its housing landscape, with potential growth in both home values and rental costs.
