Loading Content...
Zip Code 12603: Rising Home Values and Stable Ownership in Red Oaks Mill, NY
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 12603, located in Red Oaks Mill, New York, has experienced dynamic changes in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable ownership percentage while seeing significant fluctuations in average home and rent prices. The homeownership rate in zip code 12603 has remained fairly consistent, hovering around 73-74% from 2013 to 2022. Despite this stability, average home prices have shown a notable upward trend. In 2013, the average home price was $209,200, which steadily increased to $362,451 by 2022, representing a 73.3% increase over nine years. This suggests that while the proportion of homeowners remained stable, the value of homes in the area appreciated significantly.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), homeownership rates remained stable at around 73-74%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 74%, possibly due to buyers rushing to purchase before rates climbed further. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 73%, potentially due to economic uncertainties during the pandemic.
Renter percentages in zip code 12603 have shown a slight increase from 25% in 2014 to 27% in 2022. This modest rise in renters has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,327, which decreased to $1,252 in 2016 before rising again to $1,474 in 2019. Interestingly, despite the increasing population from 39,936 in 2019 to 40,954 in 2022, average rent prices actually decreased to $1,297 in 2022. This could indicate an increase in available rental units or economic factors affecting rental demand.
Looking at the most recent data, average home prices in zip code 12603 continued to rise, reaching $376,180 in 2023 and $394,089 in 2024. This represents a 3.8% increase from 2022 to 2023 and a further 4.8% increase from 2023 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing demand.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 12603 to continue their upward trajectory, potentially reaching around $450,000 by 2029. Average rent prices are expected to follow a more moderate increase, possibly reaching $1,500 by 2029. These predictions assume continued economic growth and stable population trends in the area.
In summary, zip code 12603 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has seen a slight increase in renters, with fluctuating but generally increasing rent prices. The recent sharp rise in interest rates, coupled with steadily increasing home prices, may present challenges for future homebuyers in this market.
