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Zip Code 14810: Bath's Housing Market Trends Reflect Rising Home Values and Shifting Ownership Patterns
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
Zip code 14810, encompassing Bath in New York, presents an intriguing case study of housing market dynamics. This area has experienced fluctuations in homeownership rates and notable increases in both average home prices and average rent prices over the past decade. The interplay between these factors offers valuable insights into the local real estate landscape.
The homeownership rate in zip code 14810 has shown some variability, with a general downward trend from 2013 to 2019, followed by a slight recovery. In 2013, the homeownership rate stood at 69%, but it decreased to 62% by 2016. There was a modest rebound to 67% in 2021, before settling at 65% in 2022. Concurrently, average home prices have demonstrated a consistent upward trajectory. In 2013, the average home price was $97,293, and it steadily increased to reach $144,072 by 2022, representing a substantial 48% growth over this period.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates in zip code 14810 remained relatively stable. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, there was a corresponding dip in homeownership rates to 64%. The subsequent drop in interest rates to 0.08% in 2021 coincided with an increase in homeownership to 67%, illustrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 14810 have generally mirrored the inverse of homeownership rates, increasing from 31% in 2013 to a peak of 38% in 2016, before stabilizing around 35-37% in recent years. Average rent prices have shown overall growth, albeit with some fluctuations. In 2013, the average rent was $597, rising to a peak of $735 in 2017. However, there was a subsequent decline to $630 in 2019, followed by a recovery to $680 in 2022. These trends occurred against a backdrop of a relatively stable population, which peaked at 12,489 in 2013 and gradually decreased to 11,617 by 2022.
The years 2023 and 2024 have seen continued growth in average home prices in zip code 14810. In 2023, the average home price reached $150,419, and it further increased to $155,904 in 2024. This represents a 8.2% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007.
Looking ahead, predictive models suggest that average home prices in zip code 14810 will continue their upward trajectory over the next five years, albeit at a potentially slower rate due to the current high interest rate environment. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area.
In summary, zip code 14810 has experienced a complex interplay of homeownership rates, average home prices, and average rent prices. The area has seen a general trend of increasing property values, with some fluctuations in homeownership rates influenced by federal interest rate changes. The recent sharp rise in interest rates may impact future homeownership trends and potentially moderate the pace of home price appreciation. Meanwhile, the rental market is likely to remain robust, reflecting the area's evolving housing needs and economic conditions.
