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West Side Manor: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Side Manor, a neighborhood in Waterbury, Connecticut, has experienced notable changes in homeownership rates and housing prices over the past decade. This area has maintained a high percentage of owner-occupied homes, with ownership rates fluctuating between 70% and 81% from 2013 to 2022. Both average home prices and average rent have shown an overall upward trend, particularly in recent years.
The relationship between homeownership rates and average home prices in West Side Manor has been complex. In 2013, the ownership rate was 81%, with an average home price of $132,173. Despite a slight decrease in average home prices to $130,047 in 2015, the ownership rate remained stable at 81%. However, as average home prices began to rise more significantly from 2016 onwards, there was a gradual decline in homeownership rates. By 2019, the ownership rate had dropped to 70%, while the average home price increased to $150,136. This trend suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends in West Side Manor. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained high at 81%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, homeownership rates declined to 70%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices have shown an interesting relationship in West Side Manor. In 2013, the renter-occupied rate was 19%, with an average rent of $1,047. As the renter percentage increased to 30% in 2019, the average rent also rose to $1,323. This suggests that increased demand for rentals may have contributed to higher rent prices. However, the relationship is not always direct, as seen in 2020 when the renter percentage decreased to 22%, but the average rent remained relatively high at $1,306.
In 2023, the average home price in West Side Manor reached $260,273, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $287,270, while interest rates slightly rose to 5.33%. These figures indicate a continuation of the upward trend in home prices, despite relatively high interest rates.
Looking ahead, based on the historical data and current trends, we can expect average home prices in West Side Manor to continue rising over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,500 per month within the same timeframe. However, the rate of increase may slow down if interest rates remain high, potentially affecting affordability and demand.
In summary, West Side Manor has maintained a predominantly owner-occupied status, but rising home prices and interest rates have challenged this trend in recent years. The rental market has shown growth, with increasing renter percentages correlating with rising average rents. The neighborhood's housing market appears robust, with significant price appreciation observed in both the ownership and rental sectors.
