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Zip Code 12835: Rising Home Values and Stable Ownership in Hadley, 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 12835, located in Hadley, New York, presents an interesting case study of homeownership and housing market trends. This area, covering 81.81 square miles, has seen significant shifts in its population and housing dynamics over the past decade. The overall trend shows a strong preference for homeownership, with average home prices steadily increasing and average rent prices fluctuating.
The homeownership rate in zip code 12835 has remained consistently high, hovering around 84-87% between 2013 and 2022. This stability in homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $185,514, which grew steadily to reach $278,971 by 2022, representing a 50.4% increase over 12 years. This trend suggests a strong correlation between sustained high homeownership rates and rising property values in the area.
The relationship between federal interest rates and homeownership rates in this zip code appears to diverge from typical patterns. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively stable rather than increasing significantly. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 12835 have remained relatively low, fluctuating between 13% and 17% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. Starting at $859 in 2013, average rent reached a peak of $1,037 in 2021 before dropping to $850 in 2022. This represents a 20.7% increase from 2013 to 2021, followed by an 18% decrease in a single year. The population growth from 1,728 in 2013 to 1,950 in 2022 may have contributed to the overall upward pressure on rent prices, despite the recent decline.
In 2023 and 2024, the housing market in zip code 12835 continued its upward trajectory. The average home price rose to $296,290 in 2023 and further increased to $299,514 in 2024, marking a 7.4% increase from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in this area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 12835 over the next five years. A conservative estimate suggests average home prices could reach approximately $330,000 to $350,000 by 2029. Average rent prices, given their recent volatility, are more challenging to predict. However, if the population continues to grow and housing demand remains strong, we might see average rents stabilize and potentially increase to around $1,100 to $1,200 per month by 2029.
In summary, zip code 12835 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience to national interest rate fluctuations, maintaining strong property values even in the face of rising rates. While the rental market has been more volatile, the overall trend suggests a community with a strong preference for homeownership and potential for continued growth in property values.
