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Zip Code 14889: Van Etten's Resilient Housing Market Amid Rising Home Values
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
Van Etten, located in zip code 14889 in New York state, is a small community that has experienced fluctuations in its population and housing market over the past decade. This area has maintained a consistently high rate of homeownership, averaging around 84% from 2013 to 2022. During this period, the community has seen notable changes in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Van Etten has remained relatively stable, with minor fluctuations between 81% and 85% from 2013 to 2022. Interestingly, this stability in homeownership has coincided with a significant increase in average home prices. In 2013, the average home price was $104,364, which steadily rose to $159,520 by 2022, representing a 52.8% increase over this period. This trend suggests that despite rising home prices, residents of Van Etten have maintained their ability and preference for homeownership.
The relationship between federal interest rates and homeownership rates in Van Etten appears to follow general economic principles. For instance, in 2020, when interest rates dropped to 0.38%, the homeownership rate increased to 85%. Conversely, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 84%. This pattern aligns with the notion that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Van Etten have remained relatively low, fluctuating between 15% and 19% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $959, which decreased to $821 by 2019, before rising again to $866 in 2022. Notably, there was a significant spike in average rent to $1,039 in 2021, coinciding with a slight increase in the renter percentage to 19%. This spike could be attributed to various factors, including changes in local housing supply or broader economic conditions affecting the rental market.
Looking at more recent data, the average home prices in Van Etten continued to rise in 2023 and 2024, reaching $162,367 and $165,406 respectively. This represents a modest but steady increase from the 2022 figures. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership trends and affordability in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Van Etten will continue to rise, albeit at a more moderate pace. Based on the historical data and current economic conditions, we project that average home prices could reach approximately $180,000 to $190,000 by 2029. For average rent prices, we expect a gradual increase, potentially reaching around $950 to $1,000 per month by 2029, assuming stable economic conditions and consistent local market factors.
In summary, Van Etten has maintained a strong homeownership culture despite rising home prices. The community has shown resilience in its housing market, with homeownership rates remaining high even as average home prices have increased substantially. The rental market, while smaller, has experienced some volatility in pricing. Moving forward, the interplay between rising interest rates, increasing home prices, and local economic factors will likely shape the housing landscape in this zip code, potentially influencing homeownership rates and rental demand in the coming years.
