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Tivoli, NY: Rising Home Values Amidst Ownership Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Tivoli, located in New York, is a small community that has experienced notable fluctuations in its population and housing market over the past decade. The ownership percentages have shown a general decline since 2013, while average home prices have demonstrated a consistent upward trend. Average rent prices have also increased, albeit with some fluctuations.
The homeownership rate in Tivoli has seen a significant shift since 2013. In 2013, 57% of housing units were owner-occupied. However, this percentage declined to 44% by 2015, representing a substantial drop in homeownership. Since then, there has been a gradual recovery, with the ownership rate reaching 51% in 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $197,655, which increased to $381,289 by 2022, representing a 93% increase over nine years.
The relationship between federal interest rates and homeownership rates in Tivoli shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates initially decreased but then stabilized. When interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in Tivoli showed a slight increase, reaching 53% by 2019.
Renter percentages and average rent prices in Tivoli have also shown interesting trends. The percentage of renter-occupied units increased from 43% in 2013 to a peak of 56% in 2015, before settling at 49% in 2022. Average rent prices rose from $1,275 in 2013 to $1,425 in 2022, an increase of 11.8% over nine years. It's worth noting that the population of Tivoli fluctuated during this period, peaking at 1,180 in 2015 before declining to 802 in 2022, which may have influenced rental market dynamics.
In 2023, the average home price in Tivoli reached $409,941, a 7.5% increase from 2022. This trend continued into 2024, with average home prices rising to $427,778, representing a further 4.4% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since 2007.
Looking ahead, predictive models suggest that average home prices in Tivoli will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and overall market conditions.
In summary, Tivoli has experienced a rebound in homeownership rates since 2015, despite rapidly rising home prices. The rental market has remained relatively stable in recent years, with gradual increases in average rent prices. The interplay between interest rates, home prices, and ownership rates highlights the complex dynamics of the local housing market, which continues to evolve in response to broader economic conditions.
