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Rising Home Values and Ownership in Zip Code 12453: A Decade of Growth in Malden-on-Hudson
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 12453, located in Malden-on-Hudson, New York, is a small but dynamic area with a population of 43 as of 2022. This zip code has experienced interesting fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership percentage and a significant rise in average home prices, while average rent prices have shown more variability.
The homeownership rate in zip code 12453 has generally increased from 2013 to 2022. In 2013, the homeownership rate was 78%, which rose to 81% by 2022. This upward trend coincided with a substantial increase in average home prices. In 2013, the average home price was $150,580, which steadily climbed to $316,064 by 2022, representing a 110% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $210,667 to $316,064, a 50% increase in just two years.
Federal interest rates have played a role in homeownership trends in zip code 12453. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 78% in 2013 to 81% in 2020. The low interest rates likely made home financing more accessible, contributing to the rise in homeownership.
Renter percentages in zip code 12453 have fluctuated over the years, showing an overall decrease from 22% in 2013 to 12% in 2022. Average rent prices have shown significant variability. In 2017, the average rent was $1,565, which decreased to $726 in 2019, and then rose again to $822 in 2022. The fluctuations in rent prices and renter percentages may be influenced by the small population size, where changes in a few households can have a notable impact on overall percentages.
Looking at the most recent data, the average home price in zip code 12453 slightly decreased to $311,836 in 2023 but is projected to rise to $329,328 in 2024. This represents a 5.6% increase from 2023 to 2024. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continue to rise, suggesting strong demand in this area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 12453 to continue their upward trajectory, potentially reaching around $380,000 by 2029. Average rent prices may also see a moderate increase, possibly reaching $950 to $1,000 per month in the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 12453 has seen a notable increase in homeownership rates and a significant rise in average home prices over the past decade. Despite recent increases in interest rates, home prices continue to climb, indicating strong demand in this area. The rental market has shown more variability, likely due to the small population size. As we look to the future, both home prices and rent are expected to continue their upward trends, albeit at a potentially slower pace than seen in recent years.
