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Average Home Values and Ownership in Zip Code 12308: A Decade of Change in Schenectady, NY
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 12308, located in Schenectady, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, covering 2.33 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors.
The ownership percentage in zip code 12308 has shown a gradual decline from 2013 to 2022. In 2013, homeowners occupied 51% of housing units, but by 2022, this figure had dropped to 46%. Conversely, average home prices have demonstrated a notable upward trend. In 2013, the average home price was $110,382, which steadily increased to $195,982 by 2022, representing a substantial 77.5% rise over this period.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 50-53%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a corresponding decline, falling to 46% by 2022.
The renter percentage in zip code 12308 has inversely mirrored the homeownership trend, increasing from 49% in 2013 to 54% in 2022. This shift coincides with a steady rise in average rent prices. In 2013, the average rent was $806 per month, which increased to $954 by 2022, a 18.4% increase. The growing renter population, coupled with the area's relatively stable overall population (13,133 in 2013 to 13,825 in 2022), suggests a trend towards renting rather than owning in this zip code.
Looking at the most recent data, the average home price in zip code 12308 reached $210,134 in 2023 and further increased to $222,510 in 2024. This represents a significant jump from the 2022 average of $195,982. Interestingly, these price increases have occurred despite a sharp rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12308 will continue to rise, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed since 2015. For rent prices, the forecast suggests a continued increase, potentially reaching an average of approximately $1,200 per month by 2029, assuming the trend of the past decade continues.
In summary, zip code 12308 has experienced a shift towards renting, with homeownership rates declining as average home prices have significantly increased. Despite rising interest rates, the housing market has shown strong price growth, particularly in recent years. The rental market has also seen steady increases in both occupancy and prices. These trends suggest a dynamic housing market in this Schenectady neighborhood, with potential for continued price appreciation in both the ownership and rental sectors in the coming years.
