Loading Content...
Zip Code 12043: Rising Home Values and Stable Ownership in Cobleskill, NY
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 12043, located in Cobleskill, New York, presents an intriguing case study of housing market dynamics in a small town setting. Over the past decade, this area has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 12043 has shown volatility over the years, with a general trend towards increased ownership in recent years. In 2013, the homeownership rate stood at 65%, which declined to 56% by 2018. However, there has been a notable recovery since then, with the ownership rate reaching 66% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. The average home price in 2013 was $130,795, which remained relatively stable until 2016. From 2017 onwards, there was a marked acceleration in price growth, with the average home price reaching $204,953 by 2022, representing a 56.7% increase over this period.
The relationship between federal interest rates and homeownership rates in zip code 12043 follows a somewhat expected pattern. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates initially declined. However, as interest rates began to rise moderately from 2017 to 2019, reaching 2.16%, homeownership rates stabilized and then started to increase. This trend continued even as interest rates dropped again in 2020 and 2021, suggesting that other factors, such as local economic conditions or housing supply, may have played a significant role in driving homeownership rates in this area.
Renter percentages and average rent prices in zip code 12043 have shown interesting trends. The percentage of renters increased from 35% in 2013 to a peak of 44% in 2017 and 2018, before declining to 34% in 2022. During this period, average rent prices generally increased, albeit with some fluctuations. In 2013, the average rent was $825, which rose to $948 by 2019, representing a 14.9% increase. Notably, there was a significant jump in average rent to $1,030 in 2021, followed by a decrease to $932 in 2022. These trends suggest a complex interplay between housing demand, supply, and broader economic factors affecting the rental market in this area.
Looking at the most recent data, the average home price in zip code 12043 continued its upward trajectory, reaching $216,850 in 2023 and $229,737 in 2024. This represents a 12.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12043 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $260,000 to $280,000 by 2029. For rent prices, the forecast suggests a moderate upward trend, with average rents potentially reaching $1,100 to $1,200 per month by 2029, assuming steady economic growth and continued demand for rental properties in the area.
In summary, zip code 12043 has experienced significant changes in its housing market over the past decade. The area has seen a recent trend towards increased homeownership, substantial growth in average home prices, and fluctuating rent prices. The interplay between federal interest rates, local economic conditions, and housing market dynamics has shaped these trends. Looking forward, while home prices are expected to continue rising, the pace may moderate due to higher interest rates, potentially affecting affordability and market dynamics in this New York village.
