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Average Home Values and Ownership in Zip Code 12952: Lyon Mountain's Resilient 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
Lyon Mountain, located in zip code 12952 in New York state, is a small community with a population of 157 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in Lyon Mountain has shown some variability but has generally remained high. In 2013, the homeownership rate stood at 86%, and by 2022, it was 81%. This slight decrease in homeownership was accompanied by a significant increase in average home prices. In 2013, the average home price was $28,901, and by 2022, it had nearly doubled to $56,555, representing a 95.7% increase over this period.
The relationship between federal interest rates and homeownership rates in Lyon Mountain shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, hovering around 80-86%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, dropping to 76% in 2019 when interest rates reached 2.16%.
Renter percentages and average rent prices in Lyon Mountain have shown an interesting trend. The percentage of renters increased from 14% in 2013 to 24% in 2019, before decreasing back to 18% in 2022. During this period, average rent prices also saw an overall increase. In 2013, the average rent was $734, and by 2022, it had risen to $791, representing a 7.8% increase. The peak average rent was observed in 2019 at $818, coinciding with the highest percentage of renters.
Looking at the most recent data, the average home price in Lyon Mountain for 2023 was $55,424, showing a slight decrease from 2022. However, in 2024, the average home price increased significantly to $64,075, representing a 15.6% jump from the previous year. This increase occurred despite the federal interest rate rising to 5.33% in 2024, which is the highest it has been in over a decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Lyon Mountain to continue their upward trajectory, albeit at a potentially slower rate due to the higher interest rates. Average home prices could reach around $75,000-$80,000 by 2029. Average rent prices are also likely to increase, potentially reaching $850-$900 per month in the next five years, assuming current economic conditions and local market factors remain relatively stable.
In summary, Lyon Mountain has experienced a notable increase in average home prices over the past decade, with a recent acceleration in 2024. While homeownership rates have slightly decreased, they remain high at over 80%. Rent prices have shown moderate growth, and the renter population has fluctuated. The community's housing market appears resilient, with potential for continued growth in both home values and rent prices in the coming years.
