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Zip Code 12302: Rising Home Values and Shifting Ownership Trends in East Glenville, 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 12302, located in East Glenville, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable population, with a slight increase from 27,304 in 2010 to 27,619 in 2022. The ownership percentage has shown a gradual decline, while average home prices and average rent have generally trended upward.
The homeownership rate in zip code 12302 has experienced a slight decline from 77% in 2013 to 74% in 2022. During this same period, average home prices have shown a significant increase. In 2013, the average home price was $176,552, and by 2022, it had risen to $263,820, representing a 49.4% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 12302. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 75-77%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decline in homeownership to 74%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 12302 has seen a modest increase, from 23% in 2013 to 26% in 2022. Concurrently, average rent prices have fluctuated but generally trended upward. In 2013, the average rent was $1,026, which increased to $1,175 in 2017, representing a 14.5% rise. However, there was a slight dip to $1,057 in 2019 before climbing again to $1,071 in 2022. The overall increase in average rent prices, coupled with the growing renter population, suggests a rising demand for rental properties in the area.
As of 2024, the average home price in zip code 12302 has reached $291,906, marking a substantial 10.6% increase from the 2022 figure of $263,820. This continued appreciation in home values coincides with a notable rise in federal interest rates, which stand at 5.33% in 2024, up from 1.68% in 2022. Despite the higher interest rates, which typically make borrowing more expensive, the housing market in this area appears to remain robust.
Looking ahead, based on the observed trends, we can project that average home prices in zip code 12302 may continue to appreciate over the next five years, potentially reaching around $350,000 by 2029. This projection assumes a continuation of the current growth rate and stable economic conditions. Average rent prices are also expected to follow an upward trajectory, potentially approaching $1,300 per month by 2029, reflecting the ongoing demand for rental properties in the area.
In summary, zip code 12302 has experienced a gradual shift towards a slightly higher proportion of renters, accompanied by substantial increases in both average home prices and average rent. The inverse relationship between homeownership rates and property values, influenced by fluctuating interest rates, highlights the changing dynamics of the local housing market. As property values continue to rise, it will be crucial to monitor how these trends impact housing affordability and community demographics in the coming years.
