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Zip Code 12443: Rising Home Values and Strong Ownership in Rural 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 12443, located in Hurley, New York, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with homeownership rates consistently above 85% throughout the observed period.
The homeownership rate in zip code 12443 has shown a slight upward trend, increasing from 87% in 2013 to 90% in 2022. This trend correlates with the rise in average home prices, which have seen substantial growth over the same period. In 2013, the average home price was $186,822, and by 2022, it had risen to $342,347, representing an impressive 83.2% increase. This significant appreciation in home values may have encouraged more residents to invest in homeownership, contributing to the high ownership rates.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the typical pattern. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates increased from 87% to 92%. As interest rates began to rise more substantially from 2017 onwards, homeownership rates stabilized around 90-91%, suggesting that while higher interest rates may have deterred some potential buyers, the overall homeownership trend remained strong in this area.
Renter percentages in zip code 12443 have remained relatively low, fluctuating between 7% and 13% from 2013 to 2022. Interestingly, despite the low renter population, average rent prices have shown a significant upward trend. In 2013, the average rent was $1,262, and by 2022, it had increased to $1,634, representing a 29.5% rise. This increase in rent prices, despite the small renter population, could be attributed to the overall increase in property values and the limited supply of rental units in a predominantly owner-occupied market.
Looking at the most recent data, the average home price in zip code 12443 reached $370,148 in 2023 and further increased to $388,848 in 2024. This represents a continued upward trend in home values, with a 5.1% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12443 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project that by 2029, average home prices could reach approximately $450,000 to $500,000, assuming a moderate annual appreciation rate of 3-5%. For average rent prices, we expect a continued upward trend, potentially reaching $1,900 to $2,100 per month by 2029, based on historical growth patterns and the relationship with home values.
In summary, zip code 12443 has demonstrated a robust and growing housing market, characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in maintaining strong homeownership levels despite rising interest rates, and both home prices and rent prices have experienced significant appreciation. The continued upward trajectory of home values, coupled with the high interest rate environment, suggests that this zip code will likely remain a predominantly owner-occupied area with potential for further property value appreciation in the coming years.
