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Average Home Values and Ownership in Zip Code 12779: South Fallsburg's Fluctuating 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
South Fallsburg, located in zip code 12779 in New York, has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with some variations.
The homeownership rate in South Fallsburg has fluctuated between 30% and 45% from 2013 to 2022. In 2013, the homeownership rate was 36%, which increased to 45% by 2017. However, it decreased slightly to 43% in 2022. During this period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $108,545, which steadily increased to $231,459 by 2022, representing a substantial 113% increase over nine years.
The relationship between federal interest rates and homeownership rates in South Fallsburg shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 36% to 44%. However, as interest rates began to rise from 2017 onwards, homeownership rates showed some fluctuation, dropping to 40% in 2019 before rising again to 43% in 2022.
Renter percentages in South Fallsburg have generally been higher than homeownership rates, ranging from 55% to 70% between 2013 and 2022. The average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $855, which increased to $1,246 by 2021, representing a 46% increase. However, in 2022, there was a notable decrease in average rent to $920. This drop coincided with a significant increase in population from 1,499 in 2021 to 1,936 in 2022, which may have influenced the rental market.
In 2023 and 2024, the average home prices in South Fallsburg continued to rise, reaching $244,715 in 2023 and $257,163 in 2024. This represents a 5.7% and 5.1% year-over-year increase, respectively. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which are the highest levels since 2007.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in South Fallsburg will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,400 by 2029, assuming a steady growth rate and barring any significant economic shifts.
In summary, South Fallsburg has experienced a strong upward trend in average home prices, with more moderate increases in average rent prices. Homeownership rates have remained relatively stable despite these increases, suggesting a resilient local housing market. The recent sharp rise in interest rates may impact future homeownership trends and price growth, making continued observation of this market essential for understanding its long-term trajectory.
