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Zip Code 13318: Rising Home Values and Ownership Rates in Bridgewater, 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
Bridgewater, located in zip code 13318 in New York, is a small community that has experienced interesting shifts in homeownership and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates alongside rising average home prices, while rental markets have shown some fluctuation.
The percentage of owner-occupied homes in Bridgewater has steadily increased from 83% in 2013 to 88% in 2022, indicating a growing preference for homeownership in the area. This trend coincides with a significant rise in average home prices, which increased from $118,037 in 2013 to $193,674 in 2022, representing a 64% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $152,729 to $176,713, a 15.7% rise in just one year.
Federal interest rates have played a role in shaping homeownership trends in Bridgewater. The period of historically low interest rates from 2013 to 2021, where rates remained below 1% for several years, likely contributed to the increase in homeownership. As interest rates dropped from 1.83% in 2018 to 0.08% in 2021, homeownership rates climbed from 84% to 85%, suggesting that more favorable borrowing conditions may have encouraged home purchases.
While homeownership rates increased, the percentage of renters in Bridgewater decreased from 17% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, albeit with some fluctuations. Average rent increased from $833 in 2013 to $850 in 2022, peaking at $898 in 2020. The population remained relatively stable during this period, ranging from 1,800 to 1,884 residents, which may have contributed to the moderate changes in rental prices.
In 2023 and 2024, Bridgewater experienced continued growth in average home prices, reaching $201,712 in 2023 and $215,923 in 2024. This represents a 4.1% increase from 2022 to 2023 and a further 7% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the early 2020s.
Looking ahead, based on the observed trends, we can predict that average home prices in Bridgewater will continue to rise over the next five years, potentially reaching around $250,000 by 2029. This projection assumes a steady annual growth rate similar to recent years. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $925 by 2029. These predictions take into account the historical growth patterns and the current economic climate.
In summary, Bridgewater (zip code 13318) has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates correlating with increased homeownership. Despite a decreasing renter population, rent prices have shown resilience with an overall upward trend. The recent surge in interest rates and continued growth in home prices suggest a robust housing market in this area, with expectations for further appreciation in both home values and rental prices in the coming years.
