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Zip Code 12956: Average Home Values and Ownership Trends in Mineville, 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 12956, located in Mineville, New York, has experienced significant fluctuations in population and housing trends over the past decade. This small community has seen notable shifts in homeownership rates and property values, reflecting broader economic changes and local dynamics.
The ownership percentage in this zip code has shown a declining trend from 2013 to 2019, followed by a recovery in recent years. In 2013, the homeownership rate was 81%, which steadily decreased to 47% by 2019. However, there has been a rebound since then, with ownership rates climbing back to 63% in 2022. Interestingly, this trend coincides with changes in average home prices. The average home price in 2013 was $68,533, which increased gradually to $79,617 by 2019. As homeownership rates began to recover, average home prices accelerated their growth, reaching $113,409 in 2022.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2015 (0.11% to 0.13%) coincided with relatively high homeownership rates of 80-82%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, we observed a decline in homeownership rates. However, the recent recovery in homeownership despite rising interest rates suggests other local factors may be influencing this trend.
Renter percentages in zip code 12956 have shown an inverse relationship to homeownership rates, as expected. The percentage of renters increased from 19% in 2013 to a peak of 53% in 2019, before decreasing to 36% in 2022. Average rent prices have fluctuated over this period, with a general downward trend. In 2013, the average rent was $1,049, which increased to $1,122 in 2016 before declining to $723 in 2022. This decrease in rent prices, coupled with the area's declining population (from 741 in 2014 to 474 in 2022), suggests a potential oversupply of rental properties or economic challenges in the region.
Looking at the most recent data, the average home price in zip code 12956 continued its upward trajectory, reaching $119,851 in 2023 and $131,031 in 2024. This represents a significant increase of 15.5% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests strong demand or limited supply in this area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 12956 to continue their upward trajectory, potentially reaching around $160,000 by 2029. This projection is based on the consistent year-over-year increases observed since 2013. For rent prices, the trend is less clear due to recent fluctuations. However, if the population stabilizes or grows, we may see a gradual increase in average rent prices, potentially returning to the $1,000-$1,100 range within the next five years.
In summary, zip code 12956 has experienced a notable recovery in homeownership rates since 2019, coupled with significant growth in average home prices. Despite rising interest rates, the housing market in this area appears to be strengthening. The rental market, while showing some volatility, may stabilize as the local population trends become clearer. These patterns suggest a potentially improving economic outlook for this New York community, with real estate becoming an increasingly valuable asset.
