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Zip Code 12992: Rising Home Values and Stable Ownership in West Chazy, 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
West Chazy, located in zip code 12992 in New York, presents an interesting case study in housing trends. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, coupled with significant growth in average home prices and some volatility in average rent prices.
The homeownership rate in West Chazy has shown a general upward trend, increasing from 78% in 2014 to 80% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $119,330 in 2014 to $193,045 in 2022, representing a 61.8% increase over eight years. This trend suggests that despite rising home prices, residents in the area have been increasingly able and willing to purchase homes.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2014 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the sustained high levels of homeownership in West Chazy, as it made mortgage financing more affordable for potential buyers. The homeownership rate peaked at 83% in 2021 when interest rates were at a mere 0.08%, further illustrating this relationship.
Renter percentages in West Chazy have fluctuated inversely to homeownership rates, declining from 22% in 2014 to 20% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2014, the average rent was $871, which decreased to $792 in 2016 before rising again to $840 in 2022. This fluctuation in rent prices, coupled with the overall increase in home values, may have influenced some renters to transition to homeownership, particularly during periods of lower interest rates.
Looking at more recent data, the average home price in West Chazy continued its upward trajectory, reaching $199,166 in 2023 and $205,077 in 2024. This represents a 6.2% increase from 2022 to 2024, indicating sustained growth in the local housing market. However, it's important to note that federal interest rates have also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast trends for the next five years, we can anticipate continued growth in average home prices, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $230,000 to $240,000 by 2029. Average rent prices are likely to follow a similar upward trend, potentially reaching $950 to $1,000 per month by 2029, assuming economic conditions remain stable and population growth continues.
In summary, West Chazy has experienced a notable increase in homeownership rates and significant growth in average home prices over the past decade. The interplay between low interest rates, rising home values, and fluctuating rent prices has shaped the local housing market. Moving forward, the area is likely to see continued growth in both home prices and rent, though the pace may be moderated by higher interest rates. These trends underscore the dynamic nature of the housing market in zip code 12992 and its responsiveness to broader economic factors.
