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Zip Code 12194: North Blenheim's Rising Home Values and High Ownership Rates
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
North Blenheim, situated in zip code 12194 in New York state, is a small rural community that has experienced significant changes in homeownership rates and property values over the past decade. This area has maintained high ownership percentages while seeing steady increases in average home prices and some variability in average rent prices. The ownership percentage in North Blenheim has remained consistently high, fluctuating between 82% and 90% from 2013 to 2022. Despite minor variations, there has been a slight upward trend in homeownership rates. Simultaneously, average home prices have shown consistent growth. In 2013, the average home price was $119,331, which increased to $205,506 by 2022, representing a substantial 72% increase over this period. This trend suggests a strong correlation between rising property values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in North Blenheim remained consistently high, around 87-88%. As interest rates began to rise more notably from 2017 onwards, there were slight fluctuations in homeownership rates, but they generally remained resilient, even reaching 90% in 2020 when interest rates dropped again to 0.38%.
Renter percentages in North Blenheim have been relatively low, ranging from 8% to 18% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $875, which increased to $999 by 2017, representing a 14% increase. However, rent prices then experienced a slight decline, settling at $980 in 2022. These fluctuations in rent prices don't seem to have a strong correlation with the percentage of renters, which has remained relatively stable around 11-13% in recent years, with the exception of 2020 when it dropped to 8%.
Looking at the most recent data, the average home price in North Blenheim for 2023 was $209,099, and it further increased to $213,956 in 2024. This represents a steady upward trend in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in North Blenheim will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,100 by 2029, assuming the current trends and economic conditions persist.
In summary, North Blenheim has maintained a high rate of homeownership despite rising property values. The community has shown resilience in the face of changing economic conditions, with property values consistently appreciating over time. While rent prices have fluctuated, they've generally remained stable in recent years. The interplay between federal interest rates, homeownership rates, and property values will continue to shape the housing market in this zip code in the coming years.
