The renter population in zip code 12018 has shown a gradual increase over time. In 2013, renters comprised 12% of the population, growing to 16% by 2022. This increase coincides with fluctuations in average rent prices, which decreased from $1,252 in 2013 to $1,021 in 2019 before rising to $1,052 in 2022. The overall population decrease from 7,446 in 2013 to 6,839 in 2022 may have contributed to these rental market dynamics.

In 2023, the average home price in zip code 12018 reached $332,403, continuing the upward trend. By 2024, it further increased to $337,757. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.

Based on historical trends and current market conditions, average home prices in zip code 12018 are expected to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Projections suggest that average home prices could reach approximately $380,000 to $400,000 by 2029. Average rent prices may also continue to rise moderately, potentially reaching $1,200 to $1,300 per month in the next five years, assuming steady demand and limited new rental supply.

In conclusion, zip code 12018 in Averill Park, New York, demonstrates a strong preference for homeownership, with gradually increasing average home prices. The area has experienced a slight shift towards renting in recent years, possibly influenced by rising home prices and interest rates. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the local real estate market, with expectations of continued, though possibly moderated, growth in both home values and rental prices in the coming years.