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Average Home Values and Ownership in Zip Code 12839: Hudson Falls' Shifting Real Estate Landscape
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
Hudson Falls, located in zip code 12839 in New York state, has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, as well as their relationships to federal interest rates and population changes.
The homeownership rate in Hudson Falls has shown a gradual decline from 2013 to 2022. In 2013, 61% of housing units were owner-occupied, but this figure decreased to 57% by 2022. Conversely, the percentage of renter-occupied units increased from 39% to 43% during the same period. This shift coincided with a significant rise in average home prices, which grew from $124,195 in 2013 to $195,308 in 2022, representing a 57.3% increase over nine years.
The relationship between federal interest rates and homeownership rates in Hudson Falls appears to follow general economic trends. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained stable at around 60%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates declined to 57%. This suggests that higher interest rates may have contributed to the decrease in homeownership by making mortgages less affordable for potential buyers.
Average rent prices in Hudson Falls have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $897, which increased to $1,005 by 2021, representing a 12% rise. However, there was a slight decrease to $916 in 2022. The renter population grew from 39% in 2013 to 43% in 2022, indicating a shift towards renting despite the overall increase in rent prices. This trend may be attributed to the rising home prices making homeownership less accessible for some residents.
In 2023 and 2024, the housing market in Hudson Falls continued to evolve. The average home price reached $207,775 in 2023 and further increased to $215,764 in 2024, showing a steady upward trajectory. Concurrently, federal interest rates rose significantly, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and potentially influence future homeownership rates in the area.
Looking ahead, based on the observed trends, we can forecast potential scenarios for the next five years. If the current patterns persist, average home prices in Hudson Falls could potentially reach around $250,000 by 2029, assuming a continued annual growth rate similar to recent years. Average rent prices might stabilize or show moderate increases, potentially reaching $1,100 to $1,200 per month by 2029, considering the historical fluctuations and overall upward trend.
In summary, Hudson Falls has experienced a gradual shift from homeownership to renting, accompanied by substantial increases in both average home prices and rent. The interplay between rising housing costs, fluctuating interest rates, and changing demographics has shaped the local housing market. As the community continues to evolve, these trends will likely play a crucial role in determining future housing affordability and accessibility for residents of zip code 12839.
