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Tottenville: A Decade of Rising Home Values and Stable Ownership in Staten Island
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Tottenville, a neighborhood in Staten Island, New York, has maintained high homeownership rates while experiencing significant increases in average home prices over the past decade. This analysis examines the trends in homeownership, property values, and rental markets from 2013 to 2024, showcasing the area's resilience and desirability.
The relationship between homeownership rates and average home prices in Tottenville reveals an interesting pattern. In 2013, the homeownership rate was 78%, with an average home price of $484,647. As average home prices steadily increased, reaching $627,403 in 2018, the homeownership rate slightly decreased to 76%. This trend continued through 2019, with average home prices rising to $657,757 while the homeownership rate remained at 76%. Notably, despite the continued increase in average home prices to $684,101 in 2021, the homeownership rate rebounded to 77%, indicating a strong desire for homeownership in the area even amid rising prices.
Federal interest rates have significantly influenced homeownership trends in Tottenville. From 2013 to 2015, historically low interest rates around 0.1% coincided with a stable homeownership rate of 78%. As interest rates rose to 1.83% in 2018, there was a slight decrease in homeownership to 76%. However, the sharp drop in interest rates to 0.08% in 2021 corresponded with an increase in homeownership to 77%, demonstrating the impact of favorable financing conditions on homebuying decisions.
Renter percentages and average rent prices in Tottenville have shown some correlation over the years. In 2013, with 22% of residents renting, the average rent was $1,259. As the renter percentage increased to 24% in 2016, average rent rose to $1,343. However, there were fluctuations, such as in 2017 when average rent dropped to $1,148 despite the renter percentage remaining at 24%. By 2019, with the renter percentage stable at 24%, average rent had increased to $1,390. The population growth from 13,164 in 2013 to 13,606 in 2019 may have contributed to the overall upward pressure on rent prices.
Recent data shows that average home prices in Tottenville continued their upward trajectory, reaching $750,534 in 2023 and further increasing to $758,063 in 2024. This represents a significant 10.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, standing at 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Tottenville will continue to rise, potentially reaching around $825,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,500 by 2029, assuming the current balance between supply and demand remains relatively stable.
In summary, Tottenville has demonstrated resilience in maintaining high homeownership rates despite rising average home prices. The neighborhood's ability to sustain these rates, even in the face of increasing property values and fluctuating interest rates, suggests a strong local housing market and continued desirability of the area. The interplay between ownership rates, average home prices, and average rent costs reflects the dynamic nature of Tottenville's real estate market, influenced by both local factors and broader economic conditions.
