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Zip Code 12783: Rising Home Values and Ownership Rates in Swan Lake, 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 12783, located in Swan Lake, New York, has experienced significant fluctuations in population and housing dynamics over the past decade. This area has seen notable shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 12783 has shown a general upward trend, increasing from 73% in 2013 to 82% in 2022. This rise in homeownership coincided with substantial growth in average home prices. In 2013, the average home price was $136,524, which steadily increased to $277,280 by 2022, representing a remarkable 103% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the rise in homeownership, making mortgages more affordable for potential buyers. For instance, as interest rates dropped from 1.83% in 2018 to 0.38% in 2020, homeownership increased from 79% to 80%.
Conversely, the rental market in zip code 12783 has experienced a decline. The percentage of renters decreased from 25% in 2013 to 18% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $1,021, which decreased to $765 in 2019 before rising again to $881 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a shift in housing preferences towards homeownership in the area.
Moving to more recent data, 2023 saw the average home price in zip code 12783 reach $288,385, a 4% increase from 2022. This growth continued into 2024, with average home prices rising to $299,966, marking a 4% increase from 2023. These increases occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further to 5.33% in 2024. This suggests a robust housing market in the area, capable of weathering higher borrowing costs.
Looking ahead, predictive models forecast continued growth in both home prices and rent in zip code 12783 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $350,000 by 2029. Rent prices are expected to follow a similar upward trajectory, with annual increases of 2-3%, potentially pushing average rents to around $1,000 per month by 2029.
In summary, zip code 12783 has demonstrated a strong trend towards homeownership, with significant increases in both ownership rates and property values over the past decade. Despite recent rises in interest rates, the housing market has remained resilient, showing continued growth. The rental market, while smaller, has shown signs of stabilization and potential for future growth. These trends point to a dynamic and evolving housing landscape in Swan Lake, with indications of sustained growth and development in the coming years.
