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Zip Code 14623: Resilient Homeownership Amid Rising Average Home Values in Brighton, New York
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
Brighton, located in zip code 14623 in New York, presents an interesting case study of homeownership and rental trends over the past decade. This suburban area has experienced fluctuations in its population and housing market, with notable shifts in average home prices and rental rates. The homeownership rate in Brighton remained relatively stable from 2013 to 2021, consistently at 56%. However, there was a significant drop to 52% in 2022, indicating a recent shift towards renting. This change coincided with fluctuations in average home prices. In 2013, the average home price was $118,402, which steadily increased to $201,033 by 2022, representing a 69.8% increase over nine years. Despite this substantial rise in home values, the homeownership rate remained steady until the recent decline in 2022.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period of low rates corresponded with the stable 56% homeownership rate in Brighton. However, as interest rates began to rise sharply in 2022 to 1.68%, we observed the drop in homeownership to 52%. This aligns with the well-established trend that higher interest rates can discourage home buying due to increased borrowing costs.
Regarding rental trends, the percentage of renters in Brighton increased from 44% in 2021 to 48% in 2022. Interestingly, despite this increase in renters, the average rent price decreased from $1,144 in 2021 to $999 in 2022, a 12.7% reduction. This counters the typical expectation that increased demand for rentals would drive prices up. The population decreased slightly from 26,996 in 2021 to 26,685 in 2022, which may have contributed to this unexpected rent price drop.
Looking at the most recent data, average home prices in Brighton continued to rise, reaching $217,772 in 2023 and $231,672 in 2024. This represents a further 15.2% increase from 2022 to 2024. Concurrently, federal interest rates escalated to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years. These higher rates may continue to impact homeownership decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Brighton to continue their upward trajectory, potentially reaching around $280,000 by 2029. This projection is based on the consistent growth observed over the past decade. For rent prices, the recent decrease may be an anomaly, and we expect a return to a gradual increase, potentially reaching an average of $1,200 per month by 2029.
In summary, Brighton has experienced a recent shift towards renting, despite a long period of stable homeownership. Average home prices have shown strong and consistent growth, while rent prices have fluctuated. The sharp increase in federal interest rates since 2022 appears to be influencing the housing market dynamics. As we move forward, the interplay between rising home values, interest rates, and rental demand will likely continue to shape the housing landscape in this New York suburban area.
