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Zip Code 12790: Rising Home Values and Ownership in Wurtsboro, 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 12790, located in Wurtsboro, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 5,548 in 2022, has seen a significant increase in homeownership and average home prices, particularly in recent years.
The homeownership rate in zip code 12790 has shown a steady upward trend, increasing from 75% in 2013 to 83% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $130,354, but by 2022, it had nearly doubled to $252,461. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates in zip code 12790. The accessibility of affordable financing likely contributed to the growing number of homeowners in the area.
As homeownership rates increased, the percentage of renters in zip code 12790 decreased from 25% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices showed an upward trend. The average rent rose from $1,069 in 2013 to $1,320 in 2022, an increase of about 23%. This rise in rent prices, coupled with the decreasing renter population, suggests a tightening rental market in the area.
In 2023, the average home price in zip code 12790 reached $270,495, continuing the upward trend observed in previous years. The federal interest rate for 2023 was 5.02%, significantly higher than the rates seen in the past decade. Moving into 2024, the average home price further increased to $282,702, while the federal interest rate rose slightly to 5.33%. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, based on the observed trends, we can predict continued growth in average home prices for zip code 12790 over the next five years. If the current trajectory holds, average home prices could potentially reach or exceed $350,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially surpassing $1,500 per month within the same timeframe.
In summary, zip code 12790 has experienced a significant increase in homeownership rates and average home prices over the past decade. This trend has been accompanied by rising rent prices despite a decreasing renter population. The area's housing market has shown resilience and growth, with recent data indicating continued appreciation in home values. These trends suggest a robust and increasingly competitive housing market in Wurtsboro, New York.
