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Average Home Values and Ownership in Zip Code 12748: A Rural New York Case Study
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 12748, located in Jeffersonville, New York, has experienced notable fluctuations in its housing market over the past decade. This rural area has seen interesting shifts in homeownership rates and property values, reflecting broader economic trends and local dynamics. The homeownership rate in zip code 12748 has remained relatively stable, hovering around 75-80% between 2013 and 2022. However, there have been some fluctuations within this range. In 2013, the homeownership rate was 73%, which increased to 80% by 2016. This rise coincided with a period of relatively low average home prices, which were $149,130 in 2013 and $150,401 in 2016. Interestingly, as average home prices began to rise more significantly from 2018 onwards, the homeownership rate showed slight variations but remained generally high. For instance, in 2022, when the average home price reached $285,236, the homeownership rate was 79%.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate increased from 73% to 80%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise more significantly from 2017 onwards, the homeownership rate in zip code 12748 remained relatively stable, suggesting other local factors may have played a role in maintaining high homeownership levels.
Renter percentages and average rent prices in zip code 12748 have shown an inverse relationship to homeownership trends. The percentage of renters decreased from 27% in 2013 to 20% in 2022, with some fluctuations in between. Interestingly, average rent prices have generally decreased over this period, from $905 in 2013 to $851 in 2022, despite the overall decrease in the renter population. This trend could be attributed to various factors, including changes in local housing supply or economic conditions affecting the rental market.
In 2023 and 2024, average home prices in zip code 12748 continued their upward trajectory, reaching $304,646 in 2023 and $321,470 in 2024. This represents a significant increase from previous years, with prices rising by about 12.7% from 2022 to 2024. Concurrently, federal interest rates have also increased substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, predictive models suggest that average home prices in zip code 12748 may continue to rise over the next five years, albeit at a potentially slower rate than seen in recent years. This forecast is based on the historical trend of increasing home values and the current economic conditions. Average rent prices, which have been declining, may stabilize or show modest increases as the housing market adjusts to changing economic factors and population dynamics.
In summary, zip code 12748 has maintained a high homeownership rate despite fluctuations in average home prices and interest rates. The area has seen a general trend of increasing home values, particularly in recent years, while average rent prices have declined. These trends, combined with the recent sharp increases in both home prices and interest rates, suggest a complex and evolving housing market in this rural New York village.
