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Zip Code 12489: 100% Homeownership and Rising Average Home Values in Napanoch, 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 12489, located in Napanoch, New York, is a small and unique area with a very low population density. This zip code has experienced consistent 100% homeownership rates since 2013, making it an exceptional case study in real estate trends.
The ownership percentage in zip code 12489 has remained stable at 100% from 2013 to 2022, indicating a strong preference for homeownership in this area. During this period, average home prices have shown significant fluctuations. In 2013, the average home price was $125,125, which increased gradually to $148,036 by 2019. The area then experienced a substantial surge in home values, with average prices reaching $221,647 in 2022, representing a 77.1% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code is somewhat atypical. Despite fluctuations in federal interest rates from 0.11% in 2013 to 1.68% in 2022, the homeownership rate remained constant at 100%. This suggests that other factors, such as the area's unique characteristics or limited housing stock, may have a stronger influence on homeownership than interest rates in this particular location.
Given the 100% homeownership rate, there are no renters in this zip code, and consequently, no average rent price data is available for analysis. The absence of rental properties highlights the strong preference for homeownership in this area, which has persisted despite changes in population and housing prices.
In 2023 and 2024, the upward trend in average home prices continued, with values reaching $237,938 in 2023 and $262,862 in 2024. This represents a substantial increase of 18.6% from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, yet homeownership rates remained at 100%.
Looking ahead, based on the consistent upward trend in home prices since 2014, we can project that average home prices in zip code 12489 may continue to rise over the next five years. If the current trajectory persists, prices could potentially reach or exceed $300,000 by 2029. However, given the area's small population and limited housing stock, these projections should be interpreted cautiously as even small changes could have significant impacts on the local real estate market.
In summary, zip code 12489 presents a unique case of sustained 100% homeownership despite fluctuations in average home prices and federal interest rates. The area has experienced substantial growth in property values, particularly in recent years, with average home prices more than doubling from 2013 to 2024. This trend, combined with the consistent full homeownership, suggests a highly desirable and stable real estate market in this small New York community.
