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Rising Home Values and Shifting Ownership in Zip Code 13304: A Decade of Change in Barneveld, 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
Barneveld, located in zip code 13304 in New York state, is a small community that has experienced significant changes in homeownership rates and property values over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, highlighting the relationships between these factors and their potential future trajectories.
The ownership percentage in Barneveld has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 83%, which increased to 89% by 2018, marking the highest point in the observed period. However, there was a slight decline to 87% by 2022. Concurrently, average home prices in the area have experienced steady growth. In 2013, the average home price was $151,566, which rose to $252,146 by 2022, representing a substantial increase of 66.4% over nine years.
The relationship between federal interest rates and homeownership rates in Barneveld appears to follow the general trend observed nationwide. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 83% to 86%. The continuation of relatively low interest rates through 2020 (0.38%) corresponded with sustained high homeownership rates, reaching 89% in 2018 and maintaining 86% in 2020. This pattern suggests that lower interest rates may have contributed to increased homeownership in the area by making mortgages more affordable.
Regarding rental trends, the percentage of renters in Barneveld has generally decreased from 17% in 2013 to 13% in 2022, with some fluctuations. Interestingly, average rent prices have shown an overall upward trend despite the decreasing renter population. In 2013, the average rent was $653, which increased to $921 by 2022, representing a 41% increase. This rise in rent prices, despite a declining renter population, could be attributed to factors such as improved property quality or broader market influences.
Looking at the most recent data, the average home price in Barneveld for 2023 was $255,002, showing a slight increase from 2022. In 2024, the average home price further rose to $265,593, indicating continued growth in property values. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and property demand in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Barneveld will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For average rent prices, the forecast suggests a continued increase, potentially reaching approximately $1,100 per month by 2029, assuming the trend of the past few years continues.
In summary, Barneveld has experienced a notable increase in homeownership rates and significant growth in both average home prices and rent prices over the past decade. The inverse relationship between homeownership and rental percentages, coupled with rising property values, suggests a strong local housing market. While higher interest rates may pose challenges for potential homebuyers, the continued appreciation of property values indicates sustained demand in the area. These trends point towards a potentially competitive and valuable real estate market in zip code 13304 for the foreseeable future.
