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Zip Code 12134: Average Home Values and Ownership Trends in Northville, 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 12134, located in Northville, New York, presents an intriguing case study of housing trends in a small community. This rural area, spanning 226.24 square miles, has experienced notable shifts in homeownership rates and property values over the past decade. The area has seen a general decline in homeownership percentage, coupled with a significant increase in average home prices and fluctuating average rent prices.
Examining the relationship between homeownership rates and average home prices reveals an inverse correlation. In 2013, the homeownership rate was 85%, with an average home price of $156,369. By 2022, homeownership had decreased to 78%, while average home prices rose substantially to $269,810, representing a 72.5% increase over this period. This trend suggests that rising home prices may be making homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 12134. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, between 81% and 86%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined from 81% to 78%. This aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in zip code 12134 has shown a corresponding increase as homeownership rates declined. In 2013, only 15% of residents were renters, with an average rent of $690. By 2022, the renter percentage had grown to 22%, with average rent increasing to $838, a 21.4% rise. Interestingly, the population grew from 4,182 in 2013 to 4,664 in 2022, suggesting that population growth may have contributed to increased demand for rental properties.
In 2023 and 2024, average home prices in zip code 12134 continued their upward trajectory, reaching $280,917 and $291,936 respectively. This represents a further 8.2% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 12134 to continue rising, potentially reaching around $340,000 by 2029. Average rent prices are expected to follow a similar upward trend, possibly increasing to approximately $950 per month. These projections are based on historical data patterns and current economic indicators.
In summary, zip code 12134 has experienced a clear trend of declining homeownership rates alongside rising average home prices. The rental market has expanded, with both the percentage of renters and average rent prices increasing. Federal interest rate fluctuations have influenced these trends, with recent sharp increases potentially impacting future homeownership rates. As the community continues to grow, it's likely to see further increases in both home values and rental costs, potentially reshaping the local housing landscape in the coming years.
