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Average Home Values and Ownership in Zip Code 13135: A Decade of Change in Phoenix, NY
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 13135, located in Phoenix, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of declining homeownership rates coupled with rising average home prices and rent costs, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 13135 has shown a general downward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 73%, but by 2022, it had decreased to 69%. This decline coincided with a significant increase in average home prices. In 2013, the average home price was $111,266, and by 2022, it had risen to $183,159, representing a 64.6% increase over this period. This inverse relationship between homeownership rates and home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained very low (below 0.5%), which coincided with relatively stable homeownership rates around 70%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates declined more noticeably, dropping to 63% by 2018. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in zip code 13135 has also experienced significant changes. As homeownership rates declined, the percentage of renters increased from 27% in 2013 to 31% in 2022. This shift was accompanied by a substantial rise in average rent prices. In 2013, the average rent was $615, but by 2022, it had increased to $848, a 37.9% rise. The increase in both rental rates and the proportion of renters suggests growing demand for rental properties in the area, possibly driven by those unable to enter the homeownership market due to rising home prices.
In 2023 and 2024, the housing market in zip code 13135 continued to evolve. The average home price reached $195,451 in 2023 and further increased to $208,457 in 2024, representing a 13.8% growth over these two years. This rapid appreciation occurred despite a significant rise in interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, but the continued price growth suggests strong underlying demand in the area.
Looking ahead, predictive models suggest that the upward trend in both home prices and rent costs is likely to continue over the next five years, albeit potentially at a more moderate pace. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $240,000 by 2029. Rent prices are expected to follow a similar trajectory, with annual increases of 2-4%, potentially pushing the average rent to around $1,000 per month by 2029.
In summary, zip code 13135 has experienced a notable decline in homeownership rates alongside substantial increases in both home prices and rent costs over the past decade. The interplay between rising property values, changing interest rates, and shifting demographics has reshaped the local housing market. As the area continues to evolve, balancing affordability with market demand will likely remain a key challenge for both homeowners and renters in this New York community.
