Loading Content...
Zip Code 12472: Rosendale's Soaring Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 12472, located in Rosendale, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its small-town charm and proximity to natural attractions, has seen a general trend towards increased homeownership and fluctuating property values. The ownership percentage in zip code 12472 has shown a significant upward trend, rising from 66% in 2013 to 74% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $167,954, which steadily increased to $333,409 by 2022, representing a remarkable 98.5% increase over this period. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $230,618 to $333,409, a 44.6% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgages more affordable for potential buyers. The sharp rise in homeownership from 66% in 2013 to 78% in 2018 coincides with this period of low interest rates.
Conversely, the renter percentage in zip code 12472 has decreased from 34% in 2013 to 26% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $1,206, which peaked at $1,239 in 2014 before declining to $930 in 2019. Since then, average rent has rebounded to $1,064 in 2022. This fluctuation in rent prices, despite a decreasing renter population, suggests other factors such as local economic conditions or housing supply constraints may be influencing the rental market.
As of 2024, the average home price in zip code 12472 has reached $368,643, marking a 10.6% increase from 2022. This continued appreciation occurs against a backdrop of significantly higher interest rates, which stood at 5.33% in 2024. This suggests that despite the increased cost of borrowing, demand for homes in this area remains strong, possibly driven by factors such as local economic growth or the area's desirability.
Looking ahead, predictive models suggest that average home prices in zip code 12472 may continue to rise over the next five years, potentially reaching around $425,000 by 2029. This projection is based on the historical trend of steady appreciation, particularly the strong growth observed in recent years. For rent prices, the model forecasts a moderate increase, potentially reaching an average of about $1,200 per month by 2029, assuming the current trends in population and housing supply continue.
In summary, zip code 12472 has experienced a significant shift towards homeownership, accompanied by substantial growth in average home prices. Despite higher interest rates, the housing market remains robust, with continued price appreciation expected. The rental market, while smaller, has shown resilience with rebounding prices after a period of decline. These trends paint a picture of a dynamic and evolving housing market in this New York community.
