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Average Home Values and Ownership in Zip Code 12986: Tupper Lake'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
Zip code 12986, located in Tupper Lake, New York, presents an intriguing case study of homeownership and housing market dynamics in a small, rural community. Over the past decade, this area has maintained a relatively stable homeownership rate, hovering around 67-68%, while experiencing significant fluctuations in average home prices and rent costs.
The homeownership rate in zip code 12986 has remained fairly consistent from 2013 to 2022, with minor fluctuations. In 2013, the homeownership rate was 67%, and by 2022, it stood at 68%. During this period, average home prices showed a gradual upward trend. In 2013, the average home price was $113,139, which increased to $177,455 by 2022, representing a 56.8% increase over nine years. This trend suggests that despite rising home prices, residents of Tupper Lake have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 12986. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), the homeownership rate remained stable at around 67-68%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate still held steady at 68%. This resilience in homeownership rates despite rising interest rates may indicate other factors at play, such as local economic conditions or a strong cultural preference for owning homes in this area.
Renter percentages in zip code 12986 have shown slight variations, ranging from 31% to 35% between 2013 and 2022. Interestingly, average rent prices have fluctuated significantly during this period. In 2013, the average rent was $651, which dropped to a low of $513 in 2015 before rising again to $683 in 2022. These fluctuations in rent prices do not seem to have a strong correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant impact on the rental market in this area.
Looking at more recent data, the average home price in zip code 12986 continued its upward trajectory, reaching $191,567 in 2023 and slightly decreasing to $190,933 in 2024. This represents a 7.6% increase from 2022 to 2023, followed by a marginal 0.3% decrease from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting home affordability and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12986 will continue to rise, albeit at a more moderate pace. Based on historical data and current economic indicators, we project average home prices could reach approximately $215,000 to $225,000 by 2029. For rent prices, the forecast suggests a potential increase to around $750-$800 per month over the next five years, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 12986 in Tupper Lake demonstrates a resilient housing market with a strong preference for homeownership. Despite rising home prices and fluctuating interest rates, the area has maintained a stable homeownership rate. The rental market, while smaller, has shown more volatility in pricing without significantly affecting the proportion of renters. As we look to the future, moderate growth in both home prices and rent is anticipated, reflecting the area's steady demand for housing and its evolving economic landscape.
