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Zip Code 12032: Rising Home Values and Ownership Rates in Scenic Caroga Lake
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 12032, located in Caroga Lake, New York, has experienced notable shifts in homeownership rates and property values over the past decade. This area, known for its scenic beauty and recreational opportunities, has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 12032 has shown a consistent upward trend, rising from 86% in 2014 to 94% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2014, the average home price was $114,920, and by 2022, it had increased to $214,142, representing an impressive 86.3% growth over eight years. This strong correlation suggests that as property values in the area appreciated, more residents opted for homeownership, possibly viewing it as a sound investment.
Federal interest rates have played a role in homeownership trends in zip code 12032. From 2014 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates aligns with the steady increase in homeownership rates, from 86% in 2014 to 92% in 2020. Lower interest rates typically make mortgages more affordable, encouraging home buying and potentially contributing to the observed increase in homeownership.
The renter percentage in zip code 12032 has conversely decreased from 14% in 2014 to 6% in 2022. Despite this decline, average rent prices have shown some volatility. In 2014, the average rent was $928, rising to a peak of $939 in 2019 before decreasing to $865 in 2022. This decrease in average rent prices, coupled with the declining renter population, could indicate a shift towards homeownership in the area. The population has fluctuated over the years, from 851 in 2014 to 817 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in zip code 12032 reached $226,585, continuing the upward trend. The federal interest rate for 2023 was 5.02%, significantly higher than previous years. Moving into 2024, the average home price further increased to $237,803, while the federal interest rate rose slightly to 5.33%. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 12032 will continue to rise over the next five years, potentially reaching around $280,000 by 2029. Average rent prices, which have been more volatile, may stabilize or show modest increases, potentially reaching $950 to $1,000 per month in the same timeframe.
In summary, zip code 12032 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has seen a significant appreciation in average home prices, a steady increase in homeownership rates, and a corresponding decrease in the renter population. These trends, coupled with the recent increases in federal interest rates, suggest a dynamic and evolving real estate market in this New York community.
