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Youngsville, NH: Rising Home Values and Ownership Rates in a Changing Neighborhood
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
Youngsville, a neighborhood in Manchester, New Hampshire, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with fluctuating average home prices and rent costs. The neighborhood's unique characteristics have contributed to its evolving real estate landscape.
From 2013 to 2022, Youngsville witnessed a substantial rise in homeownership rates, increasing from 81% to 92%. This trend coincided with a steady climb in average home prices, which rose from $168,184 in 2013 to $344,612 in 2022, representing a 104.9% increase. The relationship between homeownership rates and average home prices suggests a growing demand for property ownership in the area, despite rising costs.
Federal interest rates played a significant role in shaping homeownership trends in Youngsville. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership in the neighborhood increased from 81% to 88%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 92% in 2022. This suggests that other factors, such as local economic conditions or housing preferences, may have outweighed the impact of rising interest rates on homeownership decisions in Youngsville.
The rental market in Youngsville has shown interesting trends alongside the changes in homeownership. The percentage of renters decreased from 12% in 2013 to 8% in 2022. Despite this decline, average rent prices experienced significant fluctuations. In 2013, the average rent was $1,348, which peaked at $2,215 in 2016 before settling at $1,788 in 2022. These changes in rent prices did not directly correlate with the declining renter population, indicating that other factors, such as housing supply or local economic conditions, may have influenced rental costs.
In 2023 and 2024, Youngsville's housing market continued to evolve. The average home price in 2023 reached $371,246, a 7.7% increase from 2022. In 2024, it further rose to $396,379, marking a 6.8% increase from the previous year. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, representing the highest rates in over a decade. These figures reflect a continuing trend of rising home values in the face of increasing interest rates, suggesting strong demand for housing in the area despite higher borrowing costs.
Looking ahead, predictive models forecast continued growth in both average home prices and rent costs over the next five years. Average home prices are projected to surpass $450,000 by 2029, while average rent prices are expected to exceed $2,000 per month. These projections are based on historical trends and current market conditions, suggesting that Youngsville will remain an attractive area for both homeowners and investors.
In summary, Youngsville has demonstrated a strong trend towards homeownership, with a significant increase in both ownership rates and average home prices over the past decade. The neighborhood has shown resilience in its housing market, maintaining high homeownership rates even as interest rates and home prices have risen. The rental market, while smaller, has seen notable fluctuations in prices. As Youngsville continues to evolve, it appears poised for further growth in its real estate values, making it an area of interest for both residents and investors in the coming years.
