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Average Home Values and Ownership in Zip Code 12594: A Decade of Resilience and Growth
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
Wingdale, located in zip code 12594 in New York State, is a small community with a population of 3,542 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Wingdale has remained relatively stable, with a slight increase from 77% in 2014 to 80% in 2022. During this period, average home prices have shown a significant upward trend. In 2014, the average home price was $203,722, which steadily increased to $343,914 by 2022, representing a substantial 68.8% increase over eight years. This rise in home prices, coupled with the maintained high homeownership rate, suggests a strong local housing market and potentially increasing property values for homeowners.
Federal interest rates have played a role in homeownership trends in Wingdale. From 2014 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with stable homeownership rates in the area, likely due to more affordable financing options. The slight increase in homeownership from 77% in 2017 to 82% in 2021 aligns with the extremely low interest rates of 0.38% in 2020 and 0.08% in 2021, which may have encouraged more residents to purchase homes.
Renter percentages in Wingdale have fluctuated inversely to homeownership rates, ranging from a high of 24% in 2015 to a low of 18% in 2021 and 2022. Average rent prices have shown some volatility, peaking at $1,207 in 2013 and reaching a low of $899 in 2019. By 2022, the average rent had increased to $1,007. The relatively stable renter population coupled with fluctuating rent prices suggests a dynamic rental market responding to various economic factors and housing supply changes.
In 2023, the average home price in Wingdale reached $358,821, continuing the upward trend seen in previous years. This represents a 4.3% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price further increased to $374,737, a 4.4% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on historical trends and current market conditions, we can project future housing market trends for Wingdale. Over the next five years, average home prices are expected to continue their upward trajectory, potentially reaching around $450,000 by 2029. This projection assumes a steady annual growth rate similar to recent years. Average rent prices may also see moderate increases, potentially reaching $1,200 to $1,300 per month by 2029, reflecting the overall trend of rising housing costs in the area.
In summary, Wingdale has maintained a high homeownership rate despite rising home prices, indicating a resilient and desirable local housing market. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates generally supporting homeownership. The rental market has shown some fluctuations but remains a significant component of the local housing landscape. As home prices continue to rise, it will be important to monitor affordability and its impact on the community's demographics and housing choices.
