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Average Home Values and Ownership in Zip Code 13210: Syracuse's Shifting Housing Landscape
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 13210, situated in Syracuse, New York, has undergone significant changes in its housing market over the past decade. This area, known for its proximity to Syracuse University, has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 13210 has shown a general decline from 2013 to 2022. In 2013, the homeownership rate was 30%, but by 2020, it had dropped to its lowest point of 25%. A slight recovery occurred in recent years, with the rate increasing to 27% by 2022. This trend in homeownership rates appears to have an inverse relationship with average home prices. As average home prices in the area rose from $117,232 in 2013 to $186,969 in 2022, representing a 59.5% increase, the percentage of homeowners decreased. This suggests that rising home prices may have made homeownership less accessible for many residents in the area.
The relationship between federal interest rates and homeownership rates in this zip code is complex. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.40%, homeownership rates continued to decline. This suggests that other factors, such as rising home prices and local economic conditions, may have had a more significant impact on homeownership than interest rates alone in this particular area.
The percentage of renters in zip code 13210 has increased from 70% in 2013 to 73% in 2022. This trend coincides with a steady increase in average rent prices, which rose from $888 in 2013 to $984 in 2022, an 11.5% increase. The growth in the renter population, despite rising rent prices, could be attributed to the area's proximity to educational institutions, attracting a transient student population that typically rents rather than buys.
In 2023 and 2024, the housing market in zip code 13210 continued to show strong growth. The average home price reached $204,168 in 2023 and further increased to $223,667 in 2024, representing a significant 19.6% increase over two years. This rapid appreciation occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices for zip code 13210 over the next five years. Average home prices could potentially reach around $275,000 by 2029, assuming a similar growth rate. Average rent prices might increase to approximately $1,100 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 13210 has experienced a shift towards a renter-majority population, with homeownership rates declining as average home prices have significantly increased. The area has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. This trend suggests a strong demand for housing in the area, likely driven by its proximity to educational institutions and other local amenities.
