Zip Code 12887: Rising Home Values and Ownership Trends in Rural Whitehall, NY
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Property Value
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Percent Owner Occupied
Housing Prices
Median Rent
Population
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Zip code 12887, located in Whitehall, New York, has shown interesting trends in homeownership and housing prices over the past decade. This area, covering 100.86 square miles, has experienced fluctuations in both ownership percentages and average home prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 12887 has shown a general upward trend from 2013 to 2022. In 2013, the ownership rate stood at 68%, and by 2022, it had increased to 72%. This 4% increase in homeownership occurred alongside a significant rise in average home prices. In 2013, the average home price was $90,838, which steadily increased to $138,812 by 2022, representing a substantial 52.8% increase over this period. Notably, the most significant jump in average home prices occurred between 2020 and 2022, with a 23.4% increase from $112,502 to $138,812.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 12887. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the increasing homeownership rates observed during this time. For instance, as interest rates remained low at 0.38% in 2020, the homeownership rate reached 68%. However, as interest rates began to rise sharply in 2022 to 1.68%, we saw a slight increase in homeownership to 72%, possibly due to buyers rushing to secure properties before rates climbed further.
Regarding rental trends, the percentage of renters in zip code 12887 has generally decreased from 32% in 2013 to 28% in 2022. This decline in renters corresponds with an increase in average rent prices. In 2013, the average rent was $846, which rose to $967 by 2022, a 14.3% increase. Interestingly, despite the overall decrease in the renter population, rent prices continued to climb, suggesting a tightening rental market or improved quality of rental properties in the area.
Looking at the most recent data, the average home price in zip code 12887 for 2023 was $141,908, showing a continued upward trend from 2022. In 2024, the average home price further increased to $149,348, representing a 5.2% year-over-year growth. This price growth is occurring despite the significantly higher interest rates of 5.02% in 2023 and 5.33% in 2024, which might typically slow down home buying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12887 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project average home prices could reach approximately $175,000 to $185,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 12887 has demonstrated resilience in its housing market, with increasing homeownership rates and rising property values despite fluctuating economic conditions. The area has seen a consistent upward trend in both average home prices and rent, indicating a strong demand for housing in this New York village. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics at work in this local real estate market.
