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Windsor, NY: Rising Home Values and Ownership Rates in a Changing Market
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
Windsor, New York: A Small Community with Increasing Homeownership Windsor, located in New York, is a small yet dynamic community with a population of 4,687 as of 2022. This quaint village has experienced notable shifts in homeownership rates and housing costs over the past decade. The overall trend shows an increase in homeownership percentage, while average rent prices have fluctuated significantly.
Homeownership Trends and Housing Prices The homeownership rate in Windsor has seen a substantial increase from 80% in 2013 to 84% in 2022. This upward trend coincides with varying patterns in housing prices. While specific average home price data for earlier years is not available, we can observe that by 2024, the average home price in Windsor reached $178,992. This figure suggests a relatively affordable housing market compared to many other areas in New York state.
Interest Rates and Homeownership The relationship between federal interest rates and homeownership rates in Windsor shows an interesting pattern. Despite fluctuations in federal interest rates, the homeownership rate consistently increased from 2013 to 2018, reaching a peak of 93% in 2018. This trend occurred during a period when federal interest rates were gradually rising from 0.11% in 2013 to 1.83% in 2018. The continued increase in homeownership despite rising interest rates may indicate other local factors influencing housing decisions in Windsor.
Rental Market Dynamics Renter percentages in Windsor have correspondingly decreased from 20% in 2013 to 16% in 2022. Average rent prices have shown significant volatility during this period. In 2013, the average rent was $831, which decreased to $600 in 2015, then rose again to $804 in 2017. By 2022, the average rent had decreased to $585. This fluctuation in rent prices, combined with the decreasing percentage of renters, suggests a complex rental market influenced by various factors including population changes and housing availability.
Current Housing Market Status As of 2024, the average home price in Windsor stands at $178,992, with the federal interest rate at 5.33%. This current interest rate is significantly higher than in previous years, which could potentially impact future homeownership trends and housing affordability in the village.
Future Projections Looking ahead, predictive models suggest that average home prices in Windsor may continue to rise moderately over the next five years, potentially reaching around $190,000 by 2029. Average rent prices, however, are projected to stabilize, possibly fluctuating between $550 and $650 per month. These predictions are based on historical trends and current economic indicators but are subject to change based on various factors including local economic conditions and broader market forces.
Conclusion In summary, Windsor has experienced a significant increase in homeownership rates over the past decade, reaching 84% in 2022. This trend has occurred alongside fluctuating average rent prices and rising federal interest rates. The current average home price of $178,992 in 2024 indicates a relatively affordable housing market. Future trends suggest moderate growth in home prices and stabilization in rent prices, but these projections should be considered in the context of ongoing economic changes and local market dynamics.
