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Average Home Values and Ownership in Zip Code 12979: A Border Community's Housing Trends
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 12979, encompassing Rouses Point in New York, presents an intriguing case study of housing market dynamics in a small, border community. This area has experienced significant fluctuations in population and housing trends over the past decade, with homeownership rates generally hovering around 50% and average home prices showing a steady increase in recent years.
The relationship between homeownership rates and average home prices in this zip code reveals some interesting patterns. In 2013, when the homeownership rate was at 46%, the average home price was $123,076. As homeownership increased to 53% in 2015, average home prices slightly decreased to $123,405. However, from 2016 onwards, there was a consistent upward trend in average home prices despite fluctuations in homeownership rates. By 2022, with a homeownership rate of 48%, the average home price had risen significantly to $187,219, representing a 49% increase from 2013.
Federal interest rates appear to have influenced homeownership rates in this area. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 46%. As interest rates began to rise in 2022 to 1.68%, the homeownership rate increased slightly to 48%, possibly indicating a rush to purchase homes before rates climbed further.
Renter percentages and average rent prices in zip code 12979 have shown some correlation. In 2013, with 54% of residents renting, the average rent was $677. As the renter percentage decreased to 47% in 2015, average rent also dropped to $601. However, by 2022, with 52% of residents renting, the average rent had decreased to $638, suggesting that factors beyond renter demand, such as local economic conditions or housing supply, may be influencing rent prices.
The most recent data for 2023 and 2024 shows a continued upward trajectory in average home prices, reaching $194,128 in 2023 and $201,045 in 2024. This represents a 7.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 12979 may continue to rise over the next five years, potentially reaching around $230,000 by 2029 if current trends persist. Average rent prices, which have been more volatile, may stabilize and show modest increases, potentially reaching $700 by 2029.
In summary, zip code 12979 has experienced a substantial increase in average home prices over the past decade, despite fluctuations in homeownership rates. The area has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. The rental market has been more variable, with recent years showing a trend towards lower average rents despite a relatively stable renter population. These trends suggest a complex interplay of local and national economic factors shaping the housing landscape in this unique border community.
