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Zip Code 12941: Au Sable Forks's Rising Home Values and Ownership Rates
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
Au Sable Forks, located in zip code 12941 in New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community has seen a notable increase in homeownership, coupled with substantial growth in average home prices, particularly in recent years. The trend of homeownership in Au Sable Forks has shown a consistent upward trajectory. In 2013, the homeownership rate was 77%, and by 2022, it had risen to an impressive 92%. This 15 percentage point increase coincides with a substantial rise in average home prices. In 2013, the average home price was $148,455, and by 2022, it had climbed to $251,992, representing a 69.7% increase over this period. The most dramatic price increases occurred between 2020 and 2022, with average home prices jumping from $173,366 to $251,992, a 45.4% surge in just two years.
Federal interest rates appear to have played a role in the increasing homeownership rates in Au Sable Forks. 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, likely making mortgage financing more accessible and attractive to potential buyers. The sharp increase in homeownership from 88% in 2020 to 92% in 2022 occurred despite a rise in interest rates to 1.68% in 2022, suggesting other factors may have also influenced this trend.
As homeownership rates increased, the percentage of renters in Au Sable Forks decreased correspondingly. The renter-occupied rate fell from 23% in 2013 to just 8% in 2022. Interestingly, average rent prices fluctuated during this period. In 2013, the average rent was $927, and it decreased to $790 in 2022. However, there were notable fluctuations, with the average rent reaching a high of $1,041 in 2021 before dropping again. These changes in rent prices don't show a clear correlation with the decreasing renter population, suggesting that other factors, such as local economic conditions or housing supply, may have influenced rent prices.
In 2023 and 2024, the housing market in Au Sable Forks continued to see significant changes. The average home price in 2023 reached $279,074, a 10.7% increase from 2022. In 2024, the average home price further increased to $303,897, representing an 8.9% year-over-year growth. Notably, these price increases occurred despite a substantial rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, potentially driven by factors such as local economic growth or increased desirability of the location.
Looking ahead, based on the observed trends, we can predict that average home prices in Au Sable Forks will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. If the current trajectory continues, average home prices could reach around $350,000 to $400,000 by 2029. Rent prices, which have shown more volatility, are harder to predict but may stabilize or increase slightly if the rental market tightens due to the continued shift towards homeownership.
In summary, Au Sable Forks has experienced a remarkable increase in homeownership rates, rising from 77% to 92% between 2013 and 2022. This trend has been accompanied by significant growth in average home prices, particularly in recent years. The community has seen a corresponding decrease in the renter population, with more variable trends in average rent prices. Despite rising interest rates, the housing market has continued to show strength through 2024, indicating a robust demand for homes in this area.
