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Zip Code 12025: Steady Growth in Home Values and High Ownership Rates in Broadalbin, NY
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 12025, located in Broadalbin, New York, has experienced fluctuating trends in homeownership and housing prices over the past decade. This area, covering 50.19 square miles, has seen interesting shifts in its real estate market dynamics.
The homeownership rate in zip code 12025 has remained relatively stable, with a slight decline from 85% in 2013 to 80% in 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $153,209, which steadily increased to $260,463 by 2022, representing a significant 70% growth over nine years. This rise in home values, despite a minor decrease in homeownership, suggests a robust demand for properties in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 12025. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained high, between 81% and 85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 83%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 12025 have shown a gradual increase from 12% in 2013 to 20% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,010, which peaked at $1,111 in 2017 before declining to $974 in 2022. This trend suggests that while more residents are renting, the rental market has not seen consistent price growth, possibly due to increased rental inventory or economic factors affecting the local population.
Looking at the most recent data, the average home price in zip code 12025 reached $266,009 in 2023 and further increased to $275,671 in 2024. This represents a continued upward trajectory in home values. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12025 will continue to rise, potentially reaching around $320,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,200 by 2029, assuming a stabilization of the rental market and continued population growth in the area.
In summary, zip code 12025 has demonstrated a resilient housing market with steadily increasing home values despite minor fluctuations in homeownership rates. The rental market has grown in terms of occupancy but has shown more variability in pricing. The recent sharp increase in interest rates may present new challenges for homeownership, potentially leading to a further increase in the renter population. However, the continued rise in home values suggests ongoing demand for properties in this area, indicating a potentially attractive market for both homeowners and investors in the coming years.
