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Zip Code 12068: Rising Home Values and Ownership Rates in Tribes Hill, 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 12068, located in Tribes Hill, New York, presents an interesting case study in homeownership and housing market trends. This area has experienced significant shifts in its residential landscape over the past decade, with notable changes in homeownership rates, average home prices, and average rent prices. The homeownership rate in zip code 12068 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 76%, which increased to 82% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $112,189, which steadily climbed to $185,391 by 2022, representing a 65% increase over this period. This trend suggests a strong correlation between rising home values and increased homeownership, possibly indicating growing confidence in the local real estate market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 12068. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the rise in homeownership, as it made mortgage financing more accessible and affordable for potential buyers. The sharp increase in homeownership from 76% in 2013 to 85% in 2020 aligns with this period of low interest rates.
Conversely, the renter population in zip code 12068 has generally decreased over time. In 2013, 24% of residents were renters, which dropped to 18% by 2022. Despite this decline in the renter population, average rent prices have shown some volatility. The average rent peaked at $1,017 in 2016 before declining to $766 in 2022. This trend might be attributed to a combination of factors, including the shrinking renter pool and potential responses to the overall economic climate.
Looking at the most recent data, the average home price in zip code 12068 reached $190,317 in 2023 and further increased to $197,313 in 2024. This continued upward trajectory in home prices occurs despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This resilience in home prices, even in a high-interest rate environment, suggests strong underlying demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12068 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project that by 2029, average home prices could reach approximately $225,000 to $235,000. For rent prices, the forecast suggests a potential stabilization or modest increase, with average rents possibly ranging from $800 to $850 by 2029.
In summary, zip code 12068 has demonstrated a clear trend towards increased homeownership and rising home values over the past decade. The area has shown resilience in its housing market, maintaining growth even in the face of rising interest rates. While the renter population has decreased, rent prices have shown some volatility but appear to be stabilizing. These trends point to a robust and evolving housing market in Tribes Hill, with a strong preference for homeownership among its residents.
