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Zip Code 12187: Rising Home Values and Ownership in Cobleskill, 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 12187, located in Cobleskill, New York, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This small community, with a population of 892 in 2022, has shown resilience in maintaining a high percentage of owner-occupied housing units while navigating changing economic conditions.
The ownership percentage in zip code 12187 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate stood at 85%, and by 2022, it had increased slightly to 88%. This trend indicates a strong preference for homeownership in the area. Concurrently, average home prices have shown a steady upward trajectory. In 2013, the average home price was $138,608, and by 2022, it had risen significantly to $222,512, representing a 60.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained consistently high, between 82% and 85%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 79% in 2018, but it quickly rebounded and reached 88% by 2022, despite higher interest rates.
Renter percentages in zip code 12187 have shown some variability but generally remained low. In 2013, renters occupied 15% of housing units, and this figure peaked at 21% in 2018 before decreasing to 12% in 2022. Average rent prices have demonstrated considerable volatility. Starting at $668 in 2013, rent prices reached a high of $1,114 in 2021 before declining to $955 in 2022. This represents a 43% increase in average rent from 2013 to 2022, despite the fluctuations.
In 2023 and 2024, average home prices in zip code 12187 continued their upward trend, reaching $237,283 in 2023 and $251,099 in 2024. This represents a 6.7% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant increase during this period, rising from 5.02% in 2023 to 5.33% in 2024, which is notably higher than the rates observed in the previous decade.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 12187 are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, we might expect average home prices to reach approximately $300,000 by 2029. Rent prices, while more volatile, may also see an overall increase, potentially reaching around $1,200 per month on average by 2029, barring any significant economic shifts.
In summary, zip code 12187 has maintained a strong homeownership culture despite rising home prices. The area has shown resilience in the face of changing economic conditions, with homeownership rates remaining high even as both home prices and interest rates have increased. The rental market, while smaller, has experienced more volatility in both occupancy rates and prices. As we look to the future, the trends suggest continued growth in both the homeownership and rental markets, with the potential for further increases in both home values and rent prices.
