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Zip Code 12972: Rising Home Values and Ownership Trends in Peru, 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
Peru, located in zip code 12972 in New York state, has experienced notable shifts in its housing landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate market.
The ownership percentage in Peru has shown fluctuations over the years, with a general trend towards increased homeownership in recent years. In 2013, the homeownership rate stood at 84%, which decreased to 73% by 2019. However, there has been a significant rebound, with the rate reaching 85% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $142,224, which steadily increased to $233,024 by 2022, representing a substantial 63.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Peru demonstrates some interesting patterns. From 2013 to 2016, as interest rates remained low (ranging from 0.11% to 0.40%), homeownership rates declined from 84% to 75%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2022 (1.68%), homeownership rates showed a reversal, increasing from 77% in 2017 to 85% in 2022. This trend suggests that other local factors may have had a stronger influence on homeownership decisions than interest rates alone.
Renter percentages and average rent prices in Peru have shown some volatility. The percentage of renters increased from 16% in 2013 to a peak of 26% in 2019, before decreasing to 15% in 2022. Average rent prices have fluctuated considerably, starting at $698 in 2013, peaking at $1,142 in 2015, and then settling at $850 in 2022. These fluctuations may be influenced by changes in the local economy and housing supply.
Looking at the most recent data, the average home price in Peru continued to rise, reaching $241,692 in 2023 and $251,433 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Peru will continue to rise, potentially reaching around $300,000 by 2029. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $1,100-$1,200 per month in the same timeframe.
In summary, Peru has experienced a resurgence in homeownership rates in recent years, despite rising home prices and interest rates. The local real estate market has shown resilience, with home values appreciating significantly. The rental market has been more volatile, but appears to be stabilizing. These trends suggest a strong local housing market with increasing property values and a preference for homeownership among residents.
