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Average Home Values and Ownership in Zip Code 12083: Greenville's Resilient Housing Market
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
Greenville, located in zip code 12083 in New York, is a community that has experienced notable shifts in homeownership and housing market dynamics over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the area's real estate landscape.
The homeownership rate in Greenville has shown fluctuations but remained relatively high throughout the observed period. In 2013, the homeownership rate stood at 79%, and by 2022, it had increased slightly to 80%. During this time, average home prices in the area demonstrated a consistent upward trend. In 2013, the average home price was $154,506, which steadily increased to $274,310 by 2022, representing a substantial 77.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in Greenville shows some interesting patterns. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 0.40%), the homeownership rate remained relatively stable, fluctuating between 79% and 86%. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in this area.
Renter percentages and average rent prices in Greenville have shown some variability. The percentage of renters decreased from 21% in 2013 to 19% in 2022. Interestingly, average rent prices fluctuated during this period. In 2013, the average rent was $1,152, which decreased to $811 in 2015 before rising again to $1,042 in 2022. These fluctuations in rent prices could be attributed to changes in housing supply, local economic conditions, or shifts in the rental market demand.
Looking at the most recent data, the average home price in Greenville reached $284,793 in 2023 and further increased to $299,209 in 2024. This represents a significant 9.1% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and mortgage rates for prospective buyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Greenville will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $350,000 to $375,000, assuming a moderate annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, reflecting a steady annual growth of 2-3%.
In summary, Greenville has maintained a high homeownership rate despite significant increases in average home prices. The area has shown resilience in its housing market, with consistent price appreciation over the past decade. While renter percentages have slightly decreased, rent prices have fluctuated but generally trended upward. The recent sharp increase in interest rates may impact future homeownership trends and price growth, but the overall trajectory of the housing market in this zip code appears to be positive, with continued growth expected in both home values and rental prices over the next five years.
