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Average Home Values and Ownership in Zip Code 13052: DeRuyter'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
DeRuyter, located in zip code 13052 in New York state, presents an intriguing case study of homeownership and housing market trends. This small community has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in DeRuyter has remained relatively stable, albeit with minor fluctuations. In 2013, the ownership rate stood at 83%, and by 2022, it was 82%, showing remarkable consistency over the years. During this period, average home prices in the area have seen a steady increase. In 2013, the average home price was $131,244, and by 2022, it had risen to $202,282, representing a significant 54% increase over nine years.
The relationship between federal interest rates and homeownership rates in DeRuyter doesn't follow a clear-cut pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 0.14%), homeownership rates remained relatively stable, hovering around 81-83%. This suggests that other local factors may have a stronger influence on homeownership in this particular community than national interest rate trends.
Renter percentages in DeRuyter have shown slight variations over the years, ranging from 16% to 21% between 2013 and 2022. Average rent prices have generally increased during this period, albeit with some fluctuations. In 2013, the average rent was $617, and by 2022, it had risen to $714, marking a 15.7% increase. It's worth noting that the population of DeRuyter decreased from 1,373 in 2013 to 1,105 in 2022, which could have influenced the rental market dynamics.
As of 2023 and 2024, the housing market in DeRuyter continues to show growth. The average home price in 2023 was $210,248, and in 2024 it further increased to $219,447. This represents a 4% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $250,000 by 2029, assuming a similar growth rate to recent years. Average rent prices might increase to approximately $800 per month in the same timeframe, following the current trajectory.
In summary, DeRuyter has maintained a high and stable homeownership rate despite fluctuations in the housing market and broader economic conditions. The consistent increase in average home prices, coupled with the recent surge in interest rates, presents an evolving landscape for both homeowners and renters in this community. The resilience of homeownership rates in the face of these changes suggests a strong local preference for homeownership, which may continue to shape the area's housing market in the coming years.
