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Average Home Values and Ownership in Zip Code 16317: Cooperstown's Stable 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
Cooperstown, located in zip code 16317 in Pennsylvania, presents an interesting case study in homeownership and rental trends. This small community has maintained a consistently high rate of homeownership over the past decade, with average home prices showing a steady increase. The area's average rent prices have also experienced fluctuations, reflecting the dynamic nature of the local housing market.
The ownership percentage in Cooperstown has remained remarkably stable, hovering around 88% from 2013 to 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $97,904, which rose to $151,202 by 2022, representing a 54.4% increase over nine years. This upward trend in home prices, coupled with the consistent homeownership rate, suggests a strong local housing market and continued demand for owner-occupied properties.
Federal interest rates have played a role in shaping homeownership trends in Cooperstown. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to maintaining the high homeownership rate by making mortgages more affordable. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in the area remained robust at 87%, indicating the resilience of the local housing market.
The renter percentage in Cooperstown has fluctuated slightly, ranging from 11% to 14% between 2013 and 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $632, which increased to a peak of $712 in 2015 before declining to $603 in 2019. By 2022, the average rent had rebounded to $778, representing a 23.1% increase from 2013 to 2022. This trend suggests that while the rental market is smaller, it has experienced more significant price changes compared to the homeownership market.
Looking at the most recent data, the average home price in Cooperstown for 2023 was $148,289, showing a slight decrease from 2022. The 2024 average home price stands at $147,380, indicating a continued minor decline. These recent figures come amid significantly higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may be contributing to the slight cooling in home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Cooperstown may experience moderate growth, potentially reaching around $160,000 by 2029. This projection takes into account the historical growth rate and the current higher interest rate environment. For average rent prices, we predict a continued upward trend, potentially reaching approximately $850 by 2029, based on the historical rate of increase and local market conditions.
In summary, Cooperstown in zip code 16317 demonstrates a robust and stable housing market with consistently high homeownership rates. The area has seen significant appreciation in average home values over the past decade, despite recent slight declines. The rental market, while smaller, has shown more price volatility. The interplay between federal interest rates, home prices, and rent costs will likely continue to shape the local housing landscape in the coming years.
