Loading Content...
Tompkinsville's Housing Market: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Tompkinsville, a neighborhood in Staten Island, New York, has experienced significant changes in its housing market over the past decade. This analysis examines the relationship between homeownership rates, average home prices, and average rent prices in the area, providing insights into the evolving real estate dynamics. From 2013 to 2022, Tompkinsville's homeownership rate fluctuated between 48% and 53%, peaking at 53% in 2018 before settling at 48% in 2022. During this period, average home prices in the neighborhood showed a substantial upward trend, increasing from $337,256 in 2013 to $587,440 in 2022, representing a 74% growth over nine years.
The relationship between federal interest rates and homeownership rates in Tompkinsville reveals interesting patterns. As interest rates remained historically low between 2013 and 2016, ranging from 0.1% to 0.4%, homeownership rates in the neighborhood stayed relatively stable at 49%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed slight fluctuations, peaking at 53% in 2018 before declining to 48% in 2022. This suggests that while low interest rates may have supported homeownership to some extent, other local factors also played a significant role in ownership decisions.
The rental market in Tompkinsville has also seen notable changes. The percentage of renters fluctuated between 47% and 52% from 2013 to 2022. As the renter population increased from 47% in 2018 to 52% in 2022, average rent prices rose substantially. The average rent increased from $1,249 in 2013 to $1,741 in 2022, marking a 39% increase. This upward trend in rent prices coincided with a growing population, from 8,483 in 2018 to 9,305 in 2022, suggesting increased demand for rental properties in the area.
Recent data shows that the average home price in Tompkinsville reached $581,199 in 2023 and slightly increased to $585,956 in 2024, representing a modest growth of 0.8%. Federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions and potentially shift the balance between ownership and renting in the neighborhood.
Predictive models forecast that average home prices in Tompkinsville will continue to rise at a more moderate pace over the next five years. By 2029, average home prices could reach approximately $650,000 to $700,000, assuming a steady annual growth rate of 2-3%. Average rent prices are expected to persist in their upward trend, potentially reaching $2,000 to $2,200 per month by 2029, based on historical growth rates and anticipated demand in the area.
In conclusion, Tompkinsville has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates have fluctuated, the overall trend shows a slight decline in recent years, possibly influenced by rising home prices and interest rates. The rental market has strengthened, with increasing demand and rising rent prices. These trends suggest a dynamic real estate market with potential opportunities for both homeowners and investors in the coming years.
(sponsored content)
