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Average Home Values and Ownership in Burke, Zip Code 12917: A Decade of Real Estate Market Dynamics
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
Zip code 12917, located in Burke, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen fluctuations in its population and housing market, with interesting trends emerging in both ownership and rental sectors.
The homeownership rate in zip code 12917 has shown a general decline from 2013 to 2021, followed by a recent uptick. In 2013, 89% of housing units were owner-occupied, but this figure dropped to 78% by 2021. However, 2022 saw a reversal of this trend, with homeownership increasing to 82%. Concurrently, average home prices have shown a steady increase, rising from $97,627 in 2010 to $158,339 in 2022, representing a 62% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. As interest rates remained low from 2010 to 2016 (ranging from 0.1% to 0.4%), homeownership rates initially remained high but began to decline. This suggests that factors beyond interest rates, such as local economic conditions or demographic shifts, may have influenced homeownership trends in this zip code.
Renter percentages in zip code 12917 have generally increased from 2013 to 2021, rising from 11% to 22%, before decreasing slightly to 18% in 2022. Average rent prices have fluctuated over this period, with notable changes including an increase from $690 in 2018 to $870 in 2019, followed by a decrease to $813 in 2020 and 2022. These rent price fluctuations occurred while the area's population decreased from 1,298 in 2018 to 1,187 in 2022, suggesting that factors beyond simple supply and demand may be influencing rental markets in this area.
In 2023 and 2024, average home prices in zip code 12917 continued to rise, reaching $162,598 in 2023 and $163,163 in 2024. This represents a modest 0.35% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 12917 may continue to increase over the next five years, albeit at a slower rate than observed in recent years. This projection is based on historical trends and current market conditions. Average rent prices are also expected to show a modest upward trend, influenced by factors such as local economic conditions and housing supply.
In summary, zip code 12917 has experienced a complex interplay of changing homeownership rates, increasing average home prices, and fluctuating rent prices. The recent uptick in homeownership, coupled with steadily rising home values, suggests a potential stabilization in the local housing market. However, the impact of higher interest rates and demographic shifts will likely continue to shape the area's housing landscape in the coming years.
