Loading Content...
Average Home Values and Ownership in Zip Code 12997: A Decade of Growth and Change in Wilmington, New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wilmington, located in zip code 12997 in New York, is a picturesque community nestled in the Adirondack Mountains. This area has experienced fluctuating homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home prices.
The relationship between homeownership rates and average home prices in Wilmington shows an interesting pattern. In 2013, the homeownership rate was 73%, with an average home price of $184,165. As average home prices steadily increased, reaching $224,945 by 2019, the homeownership rate also rose to 77%. This trend continued, with homeownership peaking at 84% in 2021, coinciding with a significant jump in average home prices to $290,325. By 2022, there was a slight decrease in homeownership to 82%, while average home prices continued to climb to $345,326.
Federal interest rates have played a role in homeownership trends in Wilmington. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.09% to 1.68%. This low-interest environment likely contributed to the increase in homeownership rates during this time, as mortgages became more affordable. The sharp rise in interest rates to 5.02% in 2023 may have influenced the slight decrease in homeownership observed in 2022.
Renter percentages and average rent prices in Wilmington have shown an inverse relationship to homeownership trends. In 2013, 27% of residents were renters, with an average rent of $912. As homeownership increased, the percentage of renters decreased to 17% by 2020, with average rent rising to $872. However, by 2022, there was a slight uptick in renters to 18%, with average rent increasing to $874. These fluctuations in rental trends may be influenced by changes in population, which peaked at 1,565 in 2016 and decreased to 1,381 by 2022.
In 2023, average home prices in Wilmington continued their upward trajectory, reaching $381,160. This trend persisted into 2024, with average home prices hitting $393,769. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Wilmington are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to follow a similar pattern, with moderate increases anticipated. However, if interest rates remain high, this could lead to a slight decrease in homeownership rates and potentially increased demand for rentals.
In summary, Wilmington has experienced a notable increase in homeownership rates and average home prices over the past decade, influenced by low interest rates and local market dynamics. The recent rise in interest rates and continued growth in housing prices may reshape these trends in the coming years, potentially leading to a more balanced market between homeowners and renters.
