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Average Home Values and Ownership in Zip Code 12072: Fultonville's Decade of Housing Shifts
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 12072, located in Fultonville, New York, has shown interesting demographic and housing trends over the past decade. This area has experienced fluctuations in population and significant changes in homeownership rates and housing prices. The overall trend indicates a growing preference for homeownership, with average home prices steadily increasing and average rent prices showing moderate growth.
The homeownership rate in zip code 12072 has seen a notable increase from 2013 to 2022. In 2013, 81% of residents were homeowners, and this figure rose to 87% by 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $116,283, and it rose dramatically to $210,970 by 2022, representing an 81.4% increase over nine years. This strong correlation suggests that despite rising home prices, more residents are choosing to buy rather than rent.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 81% to 83%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to grow, reaching 85% by 2020. This trend suggests that even with increasing interest rates, other factors were encouraging homeownership in the area.
The renter population in zip code 12072 has correspondingly decreased over time, from 19% in 2013 to 13% in 2022. Despite this decline, average rent prices have shown a moderate upward trend. In 2013, the average rent was $858, increasing to $890 by 2022, a 3.7% rise over nine years. This modest growth in rent prices, compared to the more substantial increase in home prices, may have contributed to the shift towards homeownership.
In 2023 and 2024, the housing market in zip code 12072 continued to evolve. The average home price reached $216,166 in 2023 and further increased to $225,563 in 2024, representing a 4.3% year-over-year growth. Interestingly, this growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not seemed to dampen the local housing market's growth, suggesting strong underlying demand for homes in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $265,000 by 2029. Average rent prices are expected to grow at a more modest rate of 1-2% per year, potentially reaching about $950 by 2029.
In summary, zip code 12072 has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. Despite rising federal interest rates, the housing market has remained robust, with continued growth in home values. The rental market, while shrinking, has seen moderate price increases. These trends suggest a strong local housing market with a growing preference for homeownership, likely driven by factors such as community stability and long-term investment potential.
