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Todt Hill: Rising Home Values and Stable Ownership in Staten Island's Elevated Enclave
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
Todt Hill, located in Staten Island, New York, is a picturesque neighborhood known for its elevated terrain and luxurious homes. This affluent area has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics.
The percentage of owner-occupied homes in Todt Hill has remained relatively stable, hovering around 66-69% between 2013 and 2022. However, this stability masks some interesting fluctuations in average home prices. In 2013, the average home price in Todt Hill was $730,699. Over the next decade, property values saw a significant upward trend, reaching $1,099,767 by 2022 - a remarkable increase of 50.5%. This appreciation in home values occurred despite minor fluctuations in the homeownership rate, suggesting that other factors were driving the market.
The relationship between federal interest rates and homeownership rates in Todt Hill presents an intriguing picture. In 2013, when interest rates were at a low 0.11%, the homeownership rate stood at 69%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate experienced only a slight decrease to 68%. This relative stability in homeownership, despite rising interest rates, indicates that other factors such as local economic conditions and the desirability of the neighborhood may have played a more significant role in housing decisions than interest rates alone.
Renter percentages in Todt Hill have shown small variations, ranging from 31% to 35% between 2013 and 2022. Interestingly, average rent prices have not followed a consistent trend during this period. In 2013, the average rent was $781, which decreased to $612 in 2018, before rising again to $778 in 2022. These fluctuations in rent prices occurred against a backdrop of declining population, from 6,328 in 2013 to 6,319 in 2022, suggesting that local supply and demand dynamics were influential in shaping rental market trends.
As of 2024, the average home price in Todt Hill has reached $1,129,856, representing a 2.7% increase from the 2022 figure. This continued appreciation occurs in an environment of higher interest rates, with the federal interest rate standing at 5.33% in 2024. Despite these elevated rates, the sustained increase in home values suggests ongoing demand for properties in this desirable neighborhood.
Looking ahead, predictive models suggest that average home prices in Todt Hill may continue their upward trajectory over the next five years, potentially reaching around $1,300,000 by 2029. However, this growth rate may moderate compared to the rapid appreciation seen in the previous decade. Average rent prices are expected to stabilize and potentially show modest increases, likely settling in the $800-$900 range by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, Todt Hill has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily appreciating property values. The neighborhood's ability to maintain these trends, even in the face of fluctuating interest rates and population changes, underscores its enduring appeal as a residential area. As we move forward, the interplay between homeownership rates, property values, and rental market dynamics will continue to shape the economic landscape of this Staten Island community.
