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Rising Home Values and Ownership in Zip Code 12960: Port Henry's Lake Champlain 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
Port Henry, located in zip code 12960 in New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This small community, nestled along Lake Champlain, has seen a notable increase in homeownership and fluctuating property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Port Henry has shown a remarkable upward trajectory, rising from 73% in 2013 to 88% in 2022. This substantial increase of 15 percentage points over nine years indicates a strong trend towards homeownership in the area. Concurrently, average home prices have experienced significant growth, particularly in recent years. In 2013, the average home price was $96,202, which remained relatively stable until 2015. From 2016 onwards, a steady increase began, with prices reaching $161,733 by 2022, representing a 68% increase over this period.
The relationship between federal interest rates and homeownership rates in Port Henry presents an interesting case. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the most substantial increases in homeownership occurred in later years when interest rates began to rise. For instance, homeownership jumped from 83% in 2019 to 88% in 2022, even as interest rates increased from 2.16% to 1.68% during this period. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends.
As homeownership rates increased, the percentage of renters in Port Henry decreased correspondingly, falling from 27% in 2013 to 12% in 2022. Interestingly, average rent prices showed considerable volatility during this period. The highest average rent was recorded in 2017 at $1,014, while the lowest was in 2020 at $556. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market affected by factors beyond simple supply and demand dynamics.
Looking at the most recent data, the average home price in Port Henry continued its upward trend, reaching $168,727 in 2023 and further increasing to $178,500 in 2024. This represents a 10.4% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which marks the highest rates since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Port Henry will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $200,000 to $220,000, assuming a moderate annual growth rate of 2-4%. Rent prices, which have been more volatile, are harder to predict but may stabilize or show modest increases, potentially reaching an average of $600-$650 per month by 2029.
In summary, Port Henry has experienced a significant shift towards homeownership, with a corresponding decrease in the renter population. Average home prices have shown strong growth, particularly in recent years, despite rising interest rates. The rental market has been more volatile, with fluctuating prices and a shrinking renter base. These trends suggest a changing housing landscape in Port Henry, with an increasing preference for homeownership and potential challenges in the rental market.
