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Zip Code 12159: Rising Home Values and Shifting Ownership Patterns in Westmere, 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 12159, located in Westmere, New York, has experienced dynamic shifts in homeownership rates and property values over the past decade. This area has shown resilience in its housing market, with notable fluctuations in both ownership percentages and average home prices.
The homeownership rate in zip code 12159 has seen slight variations from 2013 to 2022. In 2013, the ownership rate stood at 67%, reaching a peak of 68% in 2015 and 2016. However, it experienced a decline to 63% in 2019 before rebounding to 66% in 2022. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $331,430, and by 2022, it had increased significantly to $468,873, representing a 41.5% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 12159. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which coincided with the highest homeownership rates of 67-68% in the area. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight downward pressure on homeownership rates, though they remained relatively stable.
Renter percentages in zip code 12159 have shown an inverse relationship to homeownership rates, naturally. The renter population increased from 33% in 2013 to a peak of 36% in 2018 and 2019, before settling at 34% in 2022. Average rent prices have generally trended upward, rising from $1,205 in 2013 to $1,257 in 2022, an increase of 4.3%. It's worth noting that despite population fluctuations, with a low of 8,498 residents in 2018 and a high of 9,640 in 2022, rent prices maintained a steady upward trajectory.
In 2023 and 2024, the housing market in zip code 12159 continued its upward trend. The average home price reached $492,937 in 2023 and further increased to $513,602 in 2024, representing a 5.1% and 4.2% year-over-year growth, respectively. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local market fundamentals.
Looking ahead, predictive models suggest that the robust growth in average home prices is likely to continue, albeit at a more moderate pace. Over the next five years, average home prices in zip code 12159 are projected to increase by approximately 3-4% annually, potentially reaching around $600,000 by 2029. Average rent prices are expected to follow a similar trajectory, with estimated annual increases of 2-3%, potentially reaching about $1,450 per month by 2029.
In summary, zip code 12159 has demonstrated a resilient housing market characterized by steadily increasing average home prices and rent values. Despite fluctuations in homeownership rates and federal interest rates, the area has maintained a strong property value appreciation trend. The recent surge in home prices, even in the face of rising interest rates, suggests a robust local demand for housing that is likely to persist in the coming years.
