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Average Home Values and Ownership in Zip Code 12962: A Decade of Growth and Volatility
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
Morrisonville, located in zip code 12962 in New York state, is a community that has experienced notable shifts in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics. Homeownership rates in Morrisonville have shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 76%, which increased to 81% by 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $136,275, and by 2022, it had risen to $222,027, representing a 63% increase over this period. This trend suggests that despite rising home prices, residents of Morrisonville have maintained a strong preference for homeownership.
The relationship between federal interest rates and homeownership rates in Morrisonville appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained high at 80% and 78%. However, it's worth noting that even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in Morrisonville actually increased to 81%, indicating other local factors may also be influencing homeownership decisions.
Renter percentages in Morrisonville have fluctuated inversely to homeownership rates, decreasing from 24% in 2013 to 20% in 2022. Average rent prices have shown an overall upward trend, rising from $965 in 2013 to $1,076 in 2022, an increase of about 11.5%. Interestingly, there was a significant dip in average rent prices in 2017 to $803, before rebounding in subsequent years. This trend in rental prices occurred alongside fluctuations in population, which decreased from 5,865 in 2013 to 5,598 in 2022, potentially influencing rental market dynamics.
In 2023 and 2024, average home prices in Morrisonville continued their upward trajectory, reaching $233,487 in 2023 and $245,124 in 2024. This represents a further increase of 5.2% and 5% respectively from the previous year. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates seen in previous years.
Looking ahead, predictive models suggest that average home prices in Morrisonville are likely to continue their upward trend over the next five years, potentially reaching around $280,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on the historical trends observed in the data and assume relatively stable economic conditions.
In summary, Morrisonville has demonstrated a strong trend towards homeownership despite rising home prices. The community has shown resilience in maintaining high homeownership rates even in the face of fluctuating interest rates and increasing property values. The rental market, while smaller, has also seen gradual price increases. These trends, combined with the recent surge in both home prices and interest rates, suggest a robust and dynamic housing market in this New York community.
