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Average Home Values and Ownership in Zip Code 12740: Grahamsville'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
Grahamsville, located in zip code 12740 in New York State, is a small community that has experienced interesting demographic and housing market changes over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Grahamsville has remained relatively stable over the years, fluctuating between 76% and 81% from 2013 to 2022. Meanwhile, average home prices have shown a significant upward trend, particularly in recent years. In 2013, the average home price was $143,809, which gradually increased to $178,577 by 2019. However, the most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $189,886 to $279,946, representing a 47.4% increase in just two years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates in Grahamsville remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates in this area.
Renter percentages in Grahamsville have fluctuated slightly, ranging from 19% to 24% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,248, which decreased to $1,118 in 2015 before rising again to $1,323 in 2018. By 2022, the average rent had settled at $1,142. It's worth noting that the population of Grahamsville increased from 1,507 in 2013 to 1,764 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in Grahamsville reached $290,460 in 2023 and further increased to $294,459 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Grahamsville will continue to rise, albeit at a more moderate pace than the rapid growth seen in recent years. We project that by 2029, average home prices could reach approximately $330,000 to $350,000, assuming current economic conditions persist. For average rent prices, we expect a gradual increase, potentially reaching $1,300 to $1,400 per month by 2029, factoring in historical trends and projected population growth.
In summary, Grahamsville has maintained a high homeownership rate despite significant increases in average home prices. The stability in homeownership rates, even during periods of low interest rates, suggests that local factors play a crucial role in the housing market dynamics of this area. The recent sharp rise in home values, coupled with increasing interest rates, may present challenges for potential new homeowners in the coming years. Meanwhile, the rental market has shown relative stability, with moderate fluctuations in both renter percentages and average rent prices.
