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Zip Code 12528: Rising Home Values and Shifting Ownership Patterns in Highland, 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
Highland, located in zip code 12528 in New York, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Highland has remained relatively stable, with slight fluctuations between 66% and 70% from 2013 to 2022. In 2013, 67% of residents were homeowners, which increased to 70% in 2016 before settling at 68% in 2022. During this period, average home prices in the area have shown a significant upward trend. In 2013, the average home price was $203,430, which remained relatively stable until 2016 at $207,965. However, from 2017 onwards, there was a substantial increase, with prices reaching $354,379 by 2022, representing a 74% increase over the 2013 value.
The relationship between federal interest rates and homeownership rates in Highland shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased slightly from 67% to 70%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed a slight decline, reaching 66% in 2020. This trend suggests that lower interest rates generally supported higher homeownership rates in the area.
Renter percentages in Highland have inversely mirrored homeownership rates, ranging from 30% to 34% between 2013 and 2022. The average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $1,173, which increased to $1,468 by 2022, representing a 25% increase. Notably, there was a significant jump in average rent from $1,283 in 2019 to $1,498 in 2020, coinciding with a slight increase in the renter population from 31% to 34%.
In 2023 and 2024, the housing market in Highland continued its upward trajectory. The average home price reached $374,682 in 2023 and further increased to $394,553 in 2024. This represents a substantial 11.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to potentially reach around $450,000 by 2029, assuming a similar growth rate. Average rent prices could increase to approximately $1,700 per month in the same timeframe. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, Highland has experienced a robust increase in average home prices, particularly since 2017, despite relatively stable homeownership rates. The rental market has also seen steady growth in prices, with some fluctuations in the renter population. The recent sharp increase in federal interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the coming years, potentially affecting the balance between homeownership and renting in this zip code.
