Loading Content...
Zip Code 13476: Rising Home Values and Stable Ownership in Vernon, NY
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Vernon, located in zip code 13476 in New York, has experienced notable fluctuations in population and housing dynamics over the past decade. This small community, with a land area of 24.13 square miles, has seen interesting trends in homeownership rates and housing prices that reflect broader economic patterns.
The homeownership rate in Vernon has remained relatively stable, hovering around 73-74% from 2013 to 2022. However, this stability masks some interesting shifts in average home prices. In 2013, the average home price was $124,853, which steadily increased to $210,248 by 2022, representing a substantial 68.4% increase over this period. This upward trend in home prices did not significantly impact homeownership rates, suggesting a resilient local housing market.
Federal interest rates have played a role in shaping the housing market in Vernon. From 2013 to 2016, interest rates remained extremely low, below 0.5%, coinciding with a period of steady homeownership rates and gradually increasing home prices. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), we saw a slight increase in homeownership from 73% to 74%, possibly due to buyers rushing to secure mortgages before rates climbed further. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a significant jump in average home prices, from $161,891 in 2020 to $188,678 in 2021, a 16.5% increase in just one year.
Renter percentages in Vernon have shown a slight decrease from 28% in 2015 to 26% in 2022. During this period, average rent prices increased from $815 in 2015 to $792 in 2022, with some fluctuations in between. The highest average rent was recorded in 2018 at $860. Interestingly, the renter population decreased slightly even as the overall population grew from 4,696 in 2015 to 4,723 in 2022, suggesting a trend towards homeownership in the community.
Looking at the most recent data, average home prices in Vernon continued to rise, reaching $214,599 in 2023 and $221,978 in 2024. This represents a 2.1% increase from 2022 to 2023 and a further 3.4% increase from 2023 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 rates and home price growth.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Vernon to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $250,000 to $270,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are expected to follow a similar trend, potentially reaching $850 to $900 by 2029, reflecting a more modest increase due to the community's preference for homeownership.
In summary, Vernon has demonstrated resilience in its housing market, with steadily increasing average home prices and stable homeownership rates despite fluctuating interest rates. The community's trend towards homeownership, coupled with rising property values, suggests a strong local economy and desirable living conditions. As we move forward, the interplay between interest rates, housing affordability, and demographic shifts will continue to shape the housing landscape in this New York village.
