Loading Content...
Home Values and Ownership in Zip Code 12550: A Decade of Change in Orange Lake, 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
Orange Lake, located in zip code 12550 in New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a shift in the balance between owners and renters, coupled with fluctuations in average home and rent prices that reflect broader economic trends.
The homeownership rate in zip code 12550 has shown a slight decline from 2013 to 2022. In 2013, 58% of housing units were owner-occupied, while by 2022, this figure had decreased to 56%. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $176,102, which rose dramatically to $321,428 by 2022, representing an 82.5% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with a gradual increase in average home prices, as lower interest rates typically make mortgages more affordable. However, the sharp rise in interest rates in recent years, reaching 5.02% in 2023 and 5.33% in 2024, may contribute to a cooling effect on the housing market and potentially impact homeownership rates in the coming years.
The renter population in zip code 12550 has seen a slight increase, from 42% in 2013 to 44% in 2022. This trend aligns with the rise in average rent prices, which increased from $1,350 in 2013 to $1,375 in 2022, a modest 1.9% increase over nine years. The population of the area has also grown during this period, from 53,819 in 2013 to 55,518 in 2022, potentially contributing to increased demand for rental properties.
In 2023 and 2024, average home prices in zip code 12550 continued to rise, reaching $338,076 in 2023 and $358,559 in 2024. This represents a 5.1% increase from 2023 to 2024, despite the high interest rates of 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market that has maintained growth even in the face of less favorable borrowing conditions.
Looking ahead, predictive models suggest that average home prices in zip code 12550 may continue to rise over the next five years, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 12550 has experienced a slight shift towards renting, with homeownership rates decreasing marginally over the past decade. Average home prices have seen substantial growth, outpacing the more modest increases in average rent prices. The area's population growth and recent high interest rates are likely to continue influencing these trends in the coming years, with both home prices and rents projected to rise further.
