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Average Home Values and Ownership in Zip Code 12934: Lyon Mountain's Real Estate Dynamics
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 12934, located in Lyon Mountain, New York, presents an interesting case study of homeownership and housing market trends. This rural area has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 12934 has shown a slight decline over the years, dropping from 82% in 2013 to 79% in 2022. This trend correlates with the rise in average home prices, which increased from $73,515 in 2013 to $141,891 in 2022, representing a substantial 93% growth over this period. The most significant jump occurred between 2020 and 2021, with average home prices rising from $110,246 to $126,899, a 15.1% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.14%, coincided with the initial stability and subsequent decline in homeownership rates. Despite these low rates, which typically encourage home buying, the sharp rise in home prices may have offset this advantage for potential buyers in Lyon Mountain.
As homeownership rates decreased, the percentage of renters in zip code 12934 increased from 17% in 2013 to 21% in 2022. This shift corresponds with a steady rise in average rent prices, which grew from $720 in 2013 to $737 in 2022, a modest 2.4% increase. The population fluctuated during this period, reaching a peak of 1,432 in 2014 before declining to 1,397 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 12934 continued its upward trajectory. The average home price rose to $149,166 in 2023 and further increased to $155,925 in 2024, representing a 5.1% and 4.5% year-over-year growth, respectively. These increases occurred despite the sharp rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 12934 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the ongoing demand for rental properties in the area.
In summary, zip code 12934 has experienced a gradual shift towards renting, with a corresponding increase in both home values and rent prices. The area's housing market has shown resilience, with significant appreciation in home values despite fluctuations in population and economic conditions. The interplay between rising home prices, changing interest rates, and demographic shifts will likely continue to shape the housing landscape in Lyon Mountain in the coming years.
