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Zip Code 12533: Rising Home Values and Strong Ownership in Hopewell Junction, NY
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 12533, located in Hopewell Junction, New York, is characterized by a strong preference for homeownership and relatively stable housing market trends over the past decade. This area has maintained a high percentage of owner-occupied housing units, with average home prices and rent values showing consistent growth patterns.
The homeownership rate in zip code 12533 has remained remarkably stable, fluctuating only slightly between 89% and 92% from 2013 to 2022. This high rate of homeownership has persisted despite variations in average home prices. In 2013, the average home price was $310,885, and it experienced steady growth, reaching $499,888 by 2022. This represents a significant increase of 60.8% over the nine-year period. Interestingly, the slight dips in homeownership percentage, such as the drop from 92% in 2014 to 89% in 2019, did not correspond directly with increases in average home prices, suggesting other factors influencing homeownership decisions in this area.
Federal interest rates have played a role in shaping homeownership trends in zip code 12533. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which coincided with the highest homeownership rates of 91-92%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 90%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable mortgage financing.
The rental market in zip code 12533 has shown a complementary trend to homeownership. The percentage of renter-occupied units increased modestly from 8% in 2013 to 10% in 2022. This slight increase in renters corresponded with a rise in average rent prices. In 2013, the average rent was $1,476, which grew to $1,526 by 2022, an increase of 3.4%. The population remained relatively stable during this period, with 27,312 residents in 2013 and 27,256 in 2022, suggesting that changes in rental demand were not primarily driven by population growth but possibly by other factors such as housing affordability or changing demographics.
Looking at the most recent data, the average home price in zip code 12533 reached $511,894 in 2023 and further increased to $527,578 in 2024. This represents a continuation of the upward trend in home values observed over the past decade. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12533 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Based on historical patterns, we might expect average home prices to reach approximately $600,000 to $650,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $1,700 to $1,800 per month in the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 12533 demonstrates a strong and persistent preference for homeownership, with consistently high rates above 89% over the past decade. Average home prices have shown substantial growth, increasing by over 60% from 2013 to 2022, while rent prices have also risen, though at a more modest pace. The area's housing market has displayed resilience and steady appreciation, with recent data showing continued growth in home values despite rising interest rates. These trends suggest a robust and desirable housing market in Hopewell Junction, with potential for further appreciation in both home values and rental rates in the coming years.
