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Average Home Values and Ownership in Zip Code 12137: Lakeside Real Estate Trends
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 12137, representing Mariaville Lake in New York, presents an intriguing case study of housing market dynamics in a small community. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with notable trends emerging in both the ownership and rental markets.
The homeownership rate in zip code 12137 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the area boasted a high 93% homeownership rate, which gradually decreased to 81% by 2022. This downward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $161,421, which steadily rose to $262,599 by 2022, representing a substantial 62.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 87-88%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a more pronounced decline, dropping to 81% by 2022. This trend aligns with the general principle that higher interest rates can make homeownership less affordable, potentially leading to lower ownership rates.
Renter percentages in zip code 12137 have shown an overall increase, mirroring the decline in homeownership. The renter population grew from 7% in 2013 to 18% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2013, the average rent was $1,202, which fluctuated over the years, reaching $1,040 in 2022. This represents a 13.5% decrease in average rent prices over the decade, despite the increase in the renter population. The population of the area has also fluctuated, potentially influencing the rental market dynamics.
Looking at the most recent data, the average home price in zip code 12137 reached $274,238 in 2023 and further increased to $284,575 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact homeownership rates and market dynamics in the near future.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12137 will continue to rise, potentially reaching around $325,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast is less clear due to the fluctuations seen in recent years. However, if the trend of increasing renter percentages continues, we might see a gradual increase in average rent prices, potentially reaching around $1,200 by 2029.
In summary, zip code 12137 has experienced a notable shift in its housing market over the past decade. The area has seen a decline in homeownership rates coupled with a significant increase in average home prices. The rental market has grown in terms of population percentage, but average rent prices have shown more volatility. The recent sharp increase in interest rates, combined with rising home prices, may continue to influence the balance between homeownership and renting in this community in the coming years.
