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Zip Code 12484: Stone Ridge's Rising Home Values and Stable 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
Stone Ridge, located in zip code 12484 in New York, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This quaint community, nestled in the Hudson Valley region, has seen a general trend of increasing average home prices alongside varying homeownership rates.
The homeownership rate in Stone Ridge has shown remarkable resilience, maintaining a high level throughout the years. In 2013, the homeownership rate stood at 88%, and by 2022, it had increased to an impressive 94%. This 6% increase in homeownership occurred despite a substantial rise in average home prices. In 2013, the average home price was $234,603, and by 2022, it had climbed to $473,625, representing a significant 102% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Stone Ridge. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the steady homeownership rates during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Stone Ridge actually increased from 85% in 2017 to 94% in 2022, suggesting strong local demand for homeownership despite rising financing costs.
Renter percentages and average rent prices in Stone Ridge have shown an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 10%, with an average rent of $1,168. By 2022, the renter percentage had decreased to 6%, while the average rent increased to $1,570. This trend suggests that as homeownership became more prevalent, the rental market tightened, leading to higher rents for the remaining rental properties.
In 2023 and 2024, Stone Ridge continued to see growth in average home prices. The average home price reached $504,012 in 2023 and further increased to $534,536 in 2024. This represents a 6.1% year-over-year increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Stone Ridge will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by limited rental inventory and continued demand for housing in the area. The strong homeownership base in Stone Ridge is likely to provide stability to the local housing market, even as it faces potential challenges from rising interest rates and affordability concerns.
In summary, Stone Ridge has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. The interplay between federal interest rates, homeownership trends, and rental market dynamics has shaped a unique local market where homeownership has thrived despite significant price appreciation. As the community moves forward, balancing affordability with continued growth will be key to maintaining its attractive housing market.
