Loading Content...
Zip Code 12158: Rising Home Values and Declining Ownership in Ravena, New York
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 12158, located in Ravena, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing average home and rent prices, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 12158 has shown a gradual decline from 2013 to 2022. In 2013, 76% of housing units were owner-occupied, but by 2022, this figure had decreased to 69%. This 7 percentage point drop coincides with a significant increase in average home prices. In 2013, the average home price was $199,134, which steadily rose to $292,598 by 2022, representing a 47% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 75-79%. However, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, homeownership rates saw a more pronounced decline, dropping to 69% by 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in zip code 12158 has shown interesting trends as well. The percentage of renter-occupied housing units increased from 24% in 2013 to 31% in 2022. This rise in renters coincided with an increase in average rent prices. In 2013, the average rent was $1,077, which grew to $1,245 by 2022, an increase of about 15.6%. The population in the area fluctuated during this period, peaking at 6,939 in 2017 before declining to 6,184 in 2022. This population decrease, coupled with rising rent prices, suggests a tightening rental market, possibly due to limited housing supply or increased demand for rental properties.
Looking at the most recent data from 2023 and 2024, we see a continuation of the upward trend in average home prices. In 2023, the average home price in zip code 12158 reached $306,559, and it further increased to $321,068 in 2024. This represents a significant 9.7% increase in just two years from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in zip code 12158. Based on the historical data and current trends, average home prices could potentially reach around $380,000 to $400,000 by 2029. Average rent prices might increase to approximately $1,500 to $1,600 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 12158 has experienced a notable decline in homeownership rates, coupled with substantial increases in both average home prices and rent prices over the past decade. The inverse relationship between rising home prices and declining homeownership rates, influenced by fluctuating interest rates, highlights the changing dynamics of the local housing market. The recent sharp increase in interest rates and continued rise in home prices suggest that affordability may remain a key issue in the coming years, potentially further impacting homeownership trends and rental market dynamics in this area.
