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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 12149, located in Richmondville, New York, presents an interesting case study of homeownership and housing market trends in a small rural community. Over the past decade, this area has experienced fluctuations in homeownership rates and notable changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 12149 has shown some variability between 2013 and 2022. In 2013, the homeownership rate stood at 74%, and by 2022, it remained at the same level. However, there were fluctuations in between, with the rate dropping to its lowest point of 68% in 2018. Concurrently, average home prices in the area have seen a steady increase. In 2013, the average home price was $117,607, and by 2022, it had risen to $189,271, representing a significant 60.9% increase over this period. This upward trend in home prices, despite some fluctuations in homeownership rates, suggests a growing demand for housing in the area, potentially driven by factors such as local economic development or increased attractiveness of the region.
The relationship between federal interest rates and homeownership rates in zip code 12149 shows some correlation, albeit not always direct. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 74-75%. However, as interest rates began to rise more significantly from 2017 onwards, there was a noticeable dip in homeownership rates, reaching a low of 68% in 2018 when the federal interest rate was 1.83%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages and average rent prices in zip code 12149 have also shown interesting trends. The percentage of renters increased from 26% in 2013 to 32% in 2018, corresponding with the dip in homeownership rates. Average rent prices, however, have not shown a consistent upward trend. In 2013, the average rent was $779, peaking at $824 in 2014, but then fluctuating in subsequent years. By 2022, the average rent had decreased to $715, which is lower than the 2013 figure. This trend suggests that despite the increase in the renter population, other factors such as local economic conditions or housing supply may be influencing rent prices.
In 2023 and 2024, zip code 12149 has seen a continuation of the upward trend in average home prices. The average home price reached $203,122 in 2023 and further increased to $215,737 in 2024. This represents a 14% 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, combined with rising home prices, may pose challenges for potential homebuyers in the area.
Looking ahead, based on the historical trends and current market conditions, we can predict that average home prices in zip code 12149 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $250,000 by 2029. Average rent prices, which have shown more volatility, are harder to predict but may see modest increases, potentially reaching around $800 by 2029 if economic conditions remain stable.
In summary, zip code 12149 has demonstrated resilience in homeownership rates despite rising home prices and fluctuating interest rates. The area has seen significant appreciation in home values, particularly in recent years, while rent prices have remained relatively stable. These trends suggest a complex interplay of local and national economic factors influencing the housing market in this rural New York community.