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Zip Code 12185: Rising Home Values and High Ownership Rates in Valley Falls, 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 12185, located in Valley Falls, New York, presents an interesting case study of homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with a slight fluctuation in average home prices and rent over the past decade.
The homeownership rate in zip code 12185 has remained relatively stable, ranging from 81% to 86% between 2013 and 2022. This high rate of owner-occupied housing coincides with a steady increase in average home prices. In 2013, the average home price was $171,366, which rose to $264,117 by 2022, representing a 54% increase over nine years. This upward trend in home prices did not significantly impact the homeownership rate, suggesting a strong preference for homeownership in this area despite rising costs.
Federal interest rates have played a role in homeownership trends in zip code 12185. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), the homeownership rate remained high at 82% to 86%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 81% in 2017, but it quickly rebounded and stabilized around 83-85% in subsequent years. This resilience in homeownership rates despite rising interest rates indicates a strong local housing market and continued desire for homeownership in the area.
Renter percentages in zip code 12185 have inversely mirrored homeownership rates, ranging from 14% to 19% between 2013 and 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $948, which decreased to $852 in 2015 before rising again to $964 in 2022. This represents a modest 1.7% increase in average rent over nine years, significantly lower than the growth in home prices. The relatively stable rent prices, coupled with the area's consistently low renter percentage, suggest a limited rental market in this zip code.
Looking at the most recent data, average home prices in zip code 12185 continued to rise, reaching $273,945 in 2023 and $284,460 in 2024. This represents a 3.8% increase from 2023 to 2024, indicating a continued strong housing market. Notably, federal interest rates also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 12185 to continue their upward trajectory, potentially reaching around $330,000 by 2029. This projection is based on the historical growth rate and assumes continued economic stability. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $1,050 per month by 2029, reflecting the area's preference for homeownership and limited rental market growth.
In summary, zip code 12185 demonstrates a strong and stable housing market characterized by high homeownership rates and steadily increasing home values. Despite rising federal interest rates, the area has maintained its high proportion of owner-occupied housing. The rental market remains relatively small and stable, with modest growth in average rent prices. As the area continues to favor homeownership, we expect these trends to persist, with continued growth in home values and a limited but steady rental market.
