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Zip Code 12930: Rising Home Values and Shifting Ownership in St. Regis Falls, 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 12930, located in St. Regis Falls, New York, presents an interesting case study in housing trends over the past decade. This rural area, spanning 39.05 square miles, has seen fluctuations in both homeownership rates and housing prices, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 12930 has shown a general decline over the years, starting at 91% in 2013 and dropping to 83% by 2022. This trend coincides with a significant increase in average home prices, which rose from $68,859 in 2013 to $126,869 in 2022, representing an impressive 84% growth over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the area remained relatively stable, hovering around 91-93%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, we observed a corresponding decline in homeownership rates to 83%. This pattern aligns with the general economic principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The rental market in zip code 12930 has shown interesting trends as well. The percentage of renters increased from 9% in 2013 to 17% in 2022, indicating a growing demand for rental properties. However, average rent prices have been volatile, peaking at $1,108 in 2014 before declining to $663 in 2022. This decrease in average rent prices, despite the increased proportion of renters, could be attributed to various factors such as changes in local economic conditions or shifts in the types of rental properties available.
Looking at the most recent data, the average home price in zip code 12930 reached $128,741 in 2023, showing continued growth. However, in 2024, there was a slight decrease to $125,537, possibly reflecting the impact of rising interest rates, which reached 5.33% in 2024. This recent trend suggests a potential cooling in the housing market, likely influenced by the higher cost of borrowing.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12930 may continue to experience moderate growth, albeit at a slower pace than observed in the past decade. This projection is based on the historical price appreciation and the current economic climate. For rental prices, the forecast suggests a potential stabilization or slight increase, as the rental market adjusts to the changing homeownership landscape and local economic factors.
In summary, zip code 12930 has experienced a notable shift in its housing market over the past decade. The area has seen a decline in homeownership rates alongside substantial increases in average home prices. The rental market has grown in proportion but with fluctuating average rent prices. Recent data indicates a possible stabilization in the housing market, influenced by rising interest rates. These trends reflect the complex interplay of local and national economic factors shaping the housing landscape in this rural New York community.
