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Average Home Values and Ownership in Zip Code 13126: A Lakeside University Town's Housing Trends
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
Oswego, located in zip code 13126 in New York state, has experienced notable shifts in homeownership rates and housing prices over the past decade. This lakeside community, home to the State University of New York at Oswego, has seen a gradual increase in homeownership alongside fluctuating average home and rent prices.
The ownership percentage in Oswego has shown a steady upward trend, rising from 63% in 2013 to 65% in 2022. This increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $94,265, which grew to $143,394 by 2022, representing a substantial 52% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Oswego. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1%. During this time, homeownership increased from 63% to 64%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership continued to grow, reaching 65% in 2022. This suggests that while low interest rates initially stimulated homeownership, other factors such as local economic conditions and housing market dynamics also influenced the trend.
Conversely, the percentage of renters in Oswego decreased from 37% in 2013 to 35% in 2022. Despite this decline, average rent prices showed an overall upward trend. In 2013, the average rent was $796, which increased to $824 by 2022, representing a 3.5% rise. It's worth noting that rent prices peaked at $901 in 2021 before declining slightly in 2022. The population of Oswego remained relatively stable during this period, with 35,757 residents in 2022, suggesting that changes in rent prices were more influenced by market factors than population shifts.
In 2023 and 2024, Oswego experienced continued growth in average home prices. The average home price reached $149,245 in 2023 and further increased to $160,980 in 2024, marking a 7.9% year-over-year increase. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust local housing market that has maintained momentum even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Oswego will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting ongoing demand for rental properties in the area.
In summary, Oswego has demonstrated a clear trend of increasing homeownership and rising average home prices over the past decade. Despite fluctuations in federal interest rates, the local housing market has shown resilience and growth. The interplay between homeownership rates, housing prices, and rental market dynamics highlights the complex and evolving nature of Oswego's real estate landscape.
