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Zip Code 13452: Home Values and Ownership Trends in St. Johnsville's Resilient Housing Market
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
The zip code 13452, encompassing St. Johnsville in New York, presents an intriguing case study of homeownership and housing market trends. This rural area has maintained a consistently high rate of homeownership over the past decade, with a slight increase in recent years. The average home prices and rent values have shown notable fluctuations, reflecting broader economic influences and local market dynamics.
Homeownership rates in zip code 13452 have remained relatively stable, ranging from 74% to 78% between 2013 and 2022. The highest rate of 78% was observed in 2021, indicating a recent uptick in homeownership. This trend coincides with significant growth in average home prices, which rose from $69,805 in 2013 to $124,649 in 2022, representing a substantial 78.6% increase over the decade. The most dramatic surge occurred between 2020 and 2021, with average home prices jumping from $94,558 to $113,989, a 20.5% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This environment of cheap borrowing likely contributed to the sustained high levels of homeownership in the area. The slight dip in homeownership to 74% in 2016 coincided with a modest increase in interest rates to 0.4%, suggesting a sensitivity to even small rate changes. As interest rates began to rise more significantly in 2022 to 1.68%, we observed a slight decrease in homeownership from 78% to 76%, indicating a potential correlation between higher borrowing costs and homeownership rates.
Renter percentages in zip code 13452 have fluctuated inversely to homeownership rates, ranging from 22% to 26% between 2013 and 2022. Average rent prices have shown considerable volatility over this period. Starting at $742 in 2013, rent prices peaked at $835 in 2015 before experiencing a general downward trend, reaching $721 in 2022. This represents a 2.8% decrease over the decade, despite the overall increase in home values. The population has remained relatively stable, growing slightly from 5,093 in 2013 to 5,073 in 2022, suggesting that changes in rent prices are more likely influenced by local economic factors rather than significant population shifts.
In 2023 and 2024, we observe interesting developments in the housing market for zip code 13452. The average home price in 2023 was $123,706, showing a slight decrease from the 2022 value. However, in 2024, the average home price increased to $131,000, representing a 5.9% year-over-year growth. This uptick occurs despite the federal interest rate rising to 5.02% in 2023 and further to 5.33% in 2024, the highest levels seen in over a decade. These higher interest rates would typically be expected to cool the housing market, yet home prices in this area continue to rise, suggesting strong local demand or limited housing supply.
Looking ahead, we can predict potential trends for the next five years based on historical data and current market conditions. Average home prices in zip code 13452 are likely to continue their upward trajectory, albeit at a more modest pace due to the higher interest rate environment. We might expect average home prices to reach around $150,000 by 2029, representing an annual growth rate of approximately 2-3%. Rent prices, which have been more volatile, may stabilize and gradually increase in line with inflation, potentially reaching an average of $800-$850 per month by 2029.
In summary, zip code 13452 demonstrates a robust homeownership market with steadily increasing average home prices, despite recent rises in interest rates. The area has maintained a high proportion of homeowners, even as home values have appreciated significantly. Rent prices, while more variable, have shown a general trend of stability or slight decline, potentially making renting an increasingly attractive option for some residents. The resilience of the local housing market in the face of rising interest rates suggests a strong underlying demand for homes in this area, which is likely to continue shaping market dynamics in the coming years.
