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Zip Code 12427: Average Home Values Soar to $427,240 in Tannersville, 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 12427, located in Tannersville, New York, has experienced significant fluctuations in population and housing dynamics over the past decade. This picturesque area, known for its scenic beauty and proximity to outdoor recreational activities, has seen interesting trends in homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 12427 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate was 78%, and it reached its peak of 84% in 2020. However, by 2022, it slightly decreased to 81%. During this period, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $176,077, and it increased to $385,534 by 2022, representing a substantial 119% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates reached their highest levels at 84% and 77%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 12427 have shown some variability, ranging from a low of 16% in 2020 to a high of 25% in 2017. Interestingly, average rent prices have not always moved in tandem with renter percentages. For example, in 2013, when the renter percentage was 22%, the average rent was $1,072. By 2022, with a similar renter percentage of 19%, the average rent had decreased to $893. This suggests that other factors, such as local economic conditions or housing supply, may have influenced rent prices more than demand from renters.
In 2023 and 2024, average home prices in zip code 12427 continued their upward trajectory. The average home price reached $407,966 in 2023 and further increased to $427,240 in 2024. This represents a 5.8% and 4.7% year-over-year increase respectively. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels since 2007.
Looking ahead, based on the historical data and current trends, we can expect average home prices in zip code 12427 to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. A conservative estimate would suggest average home prices could reach around $500,000 by 2029. Average rent prices, which have been more volatile, may stabilize or increase slightly, potentially reaching around $1,100 to $1,200 per month in the same timeframe.
In summary, zip code 12427 has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing average home prices. The area has weathered fluctuations in the rental market and population changes, suggesting a strong underlying appeal to both homeowners and investors. The recent sharp increases in both home prices and interest rates will likely shape the housing dynamics in this zip code for the coming years, potentially affecting affordability and homeownership rates.
