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Average Home Values and Ownership in Zip Code 13132: Sand Ridge'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
The zip code 13132, located in Sand Ridge, New York, presents an interesting case study in homeownership and housing market trends. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing steady growth. The community has experienced some population fluctuations, which have influenced the local housing dynamics.
Homeownership rates in zip code 13132 have remained notably high, ranging from 84% to 94% between 2013 and 2022. This strong preference for homeownership coincides with a consistent increase in average home prices. In 2013, the average home price was $123,719, which steadily rose to $198,019 by 2022, representing a 60% increase over this period. The most significant jump occurred between 2020 and 2021, with average home prices rising from $160,203 to $179,259, a 12% increase in just one year.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite fluctuations in interest rates, homeownership remained high. For instance, in 2016, when interest rates were at 0.4%, homeownership was at 84%. By 2022, with interest rates at 1.68%, homeownership had increased to 93%. This suggests that other factors, such as local economic conditions or housing availability, may have a stronger influence on homeownership in this zip code than national interest rates.
Renter percentages in zip code 13132 have remained relatively low, ranging from 4% to 12% between 2013 and 2022. Average rent prices have shown moderate fluctuations during this period. In 2013, the average rent was $862, which increased to $899 by 2022, a 4.3% rise over nine years. Interestingly, the highest average rent of $890 was recorded in 2018, coinciding with the lowest population of 3,455 in the same year. This suggests that reduced housing supply may have temporarily pushed rent prices upward.
In 2023 and 2024, the housing market in zip code 13132 continued its upward trajectory. The average home price reached $210,896 in 2023 and further increased to $224,488 in 2024, representing a 6.4% and 6.9% year-over-year growth respectively. This growth occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing.
Looking ahead, based on the consistent upward trend in home prices and the area's high homeownership rates, it's projected that average home prices in zip code 13132 could reach approximately $270,000 by 2029. Average rent prices, which have shown more modest growth, are expected to increase to around $950 by 2029, assuming current trends continue.
In summary, zip code 13132 demonstrates a robust preference for homeownership, with steadily increasing home values despite fluctuations in population and interest rates. The rental market, while smaller, has shown stability with moderate price increases. The area's resilience to national economic factors suggests a strong local housing market that continues to attract homebuyers and maintain high property values.
