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Average Home Values and Ownership in Zip Code 13428: Palatine Bridge'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
Palatine Bridge, located in zip code 13428 in New York State, is a small community with a population of 1,382 as of 2022. This charming village has experienced interesting trends in homeownership rates, average home prices, and average rent prices over the past decade.
The homeownership rate in Palatine Bridge has shown fluctuations but generally remained high, ranging from 74% to 81% between 2013 and 2022. During this period, average home prices have seen a significant upward trend. In 2013, the average home price was $98,117, which steadily increased to $167,234 by 2022, representing a 70.4% increase over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a role in homeownership trends in Palatine Bridge. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 77-80%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership to 74% in 2017, but it quickly rebounded and reached 81% by 2022, despite the interest rate climbing to 1.68% that year.
Renter percentages in Palatine Bridge have inversely mirrored homeownership rates, ranging from 19% to 26% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $424, which increased to $573 by 2019, representing a 35.1% increase. However, there was a notable drop to $451 in 2020, followed by a recovery to $544 in 2021 and another decrease to $446 in 2022. These fluctuations in rent prices don't seem to have a direct correlation with the percentage of renters, suggesting other factors may be influencing rental market dynamics.
In 2023 and 2024, Palatine Bridge has continued to see growth in average home prices. The average home price reached $174,915 in 2023 and further increased to $179,727 in 2024, representing a 7.5% increase from 2022 to 2024. This growth has occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Palatine Bridge will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $200,000 by 2029. Average rent prices, which have shown more volatility, are harder to predict but may stabilize and show moderate growth, potentially reaching around $600 by 2029.
In summary, Palatine Bridge has maintained a high rate of homeownership despite rising home prices, demonstrating the community's resilience and desirability. The relationship between interest rates and homeownership has been complex, with local factors seemingly outweighing national trends at times. The rental market has shown more variability, both in terms of renter percentages and average rent prices, indicating a dynamic and adapting housing market in this small New York village.
