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Average Home Values and Ownership in Zip Code 13157: A Decade of Change in Sylvan Beach
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
Sylvan Beach, situated in zip code 13157 in New York, has undergone significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in this small community.
The homeownership rate in Sylvan Beach has experienced a gradual decline from 2013 to 2022. In 2013, the ownership rate was 77%, but it decreased to 65% by 2022. This downward trend coincides with a substantial increase in average home prices. The average home price rose from $97,075 in 2013 to $183,653 in 2022, representing an impressive 89% increase over this period.
The relationship between federal interest rates and homeownership rates in Sylvan Beach demonstrates some correlation. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained relatively stable, ranging from 73% to 77%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates showed a more pronounced decline, dropping from 74% in 2016 to 65% in 2022.
The percentage of renters in Sylvan Beach has increased from 23% in 2013 to 33% in 2022. This rise in renters coincides with fluctuations in average rent prices. In 2013, the average rent was $788, which increased to a peak of $1,096 in 2018 before settling at $851 in 2022. Despite these fluctuations, the overall trend shows a modest increase in average rent prices over the decade.
In 2023, the average home price in Sylvan Beach reached $187,565, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $202,153, while interest rates have slightly risen to 5.33%. This continued upward trend in both home prices and interest rates suggests a challenging environment for potential homebuyers in the area.
Looking ahead, predictive models forecast a continued increase in average home prices for Sylvan Beach over the next five years. Based on the historical data and current trends, average home prices could potentially reach around $240,000 by 2029. Average rent prices are also expected to rise, albeit at a more moderate pace, potentially reaching approximately $1,200 per month in the same timeframe.
In summary, Sylvan Beach has experienced a shift towards a more rental-oriented housing market, with decreasing homeownership rates and increasing average home prices. The rise in federal interest rates appears to have contributed to this trend. Despite fluctuations, both average home prices and rent prices have shown an overall upward trajectory, a trend that is predicted to continue in the coming years.
