Loading Content...
Average Home Values and Ownership in Zip Code 12789: Woodridge's Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 12789, representing Woodridge in New York, presents an intriguing case study of housing market dynamics. This area has experienced notable fluctuations in homeownership rates and significant changes in average home and rent prices over the past decade. The homeownership rate in zip code 12789 has shown a general upward trend, particularly in recent years. In 2013, the owner-occupied percentage stood at 49%, and by 2022, it had increased to 56%. This rise in homeownership coincided with a substantial increase in average home prices. The average home price in 2013 was $109,003, and it rose dramatically to $225,188 by 2022, representing a 106.6% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 49-52%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 48% in 2017. Interestingly, despite rising interest rates, homeownership rebounded and reached 56% by 2022, possibly due to other local economic factors.
Renter percentages in zip code 12789 have generally mirrored the inverse of homeownership trends. In 2013, the renter-occupied percentage was 51%, and it decreased to 44% by 2022. Average rent prices, however, have not shown a consistent correlation with renter percentages. The average rent increased from $1,058 in 2013 to $1,148 in 2018, but then decreased to $1,019 in 2022. This decrease in average rent coincided with a significant population increase from 2,529 in 2018 to 3,221 in 2022, suggesting that increased housing supply may have moderated rent prices despite growing demand.
In 2023 and 2024, the housing market in zip code 12789 continued its upward trajectory. The average home price reached $244,969 in 2023 and further increased to $260,984 in 2024, representing a 15.9% rise over two years. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing that outweighed the impact of higher borrowing costs.
Looking ahead, predictive models suggest that the robust growth in average home prices is likely to continue, albeit at a potentially slower pace due to higher interest rates. Over the next five years, average home prices in zip code 12789 could reach the $300,000 to $350,000 range. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching $1,100 to $1,200 per month within the same timeframe.
In summary, zip code 12789 has demonstrated a strong trend towards increased homeownership and significantly appreciating home values over the past decade. Despite rising interest rates, the local housing market has shown resilience, with continued price growth in recent years. The rental market has been more variable, with recent trends suggesting a balance between supply and demand. These patterns indicate a dynamic and evolving housing market in Woodridge, with potential for continued growth in both homeownership and property values in the coming years.
