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Rising Home Values and Shifting Ownership in Zip Code 12538: A Decade of Change in Haviland, New York
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 12538, located in Haviland, New York, is a suburban area characterized by a stable mix of homeowners and renters. Over the past decade, this community has experienced notable shifts in housing dynamics, with average home prices and rent costs showing distinct trends.
The homeownership rate in zip code 12538 has remained relatively stable, with slight fluctuations between 68% and 72% from 2013 to 2022. In 2013, 72% of residents were homeowners, which remained consistent until 2022 when it decreased to 68%. This slight decline in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $189,894, which steadily rose to $328,154 by 2022, representing a substantial 72.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership decisions in this zip code.
Renter percentages in zip code 12538 have shown a slight increase, moving from 28% in 2013 to 32% in 2022. This shift corresponds with changes in average rent prices. In 2013, the average rent was $1,220, which increased to $1,295 by 2022, a 6.1% rise. Interestingly, the population remained relatively stable during this period, fluctuating between 13,970 and 14,370 residents, indicating that changes in rental demand were not primarily driven by population growth.
In 2023 and 2024, the housing market in zip code 12538 continued its upward trajectory. The average home price reached $344,023 in 2023 and further increased to $360,139 in 2024. This represents a 9.7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent costs for zip code 12538 over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $425,000 by 2029. Average rent prices may also continue to rise, albeit at a more moderate pace, potentially reaching approximately $1,450 by 2029.
In summary, zip code 12538 has demonstrated a robust housing market with steadily increasing home values and moderate rent growth. The slight shift from homeownership to renting, coupled with rising home prices, suggests a changing landscape in housing preferences and affordability. The area's stability in population and consistent demand for both owned and rented properties indicate a resilient and desirable community, likely to continue attracting residents in the coming years.
