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Average Home Values and Ownership in Zip Code 13410: A Decade of Growth in Nelliston
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 13410, located in Nelliston, New York, is a small community with a population of just 16 as of 2022. This area has experienced interesting shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 13410 has fluctuated significantly between 2013 and 2022. In 2013, the area had a 71% homeownership rate, which remained stable through 2014. However, it declined to 50% by 2018 and 2019, before rebounding to 71% in 2021 and 2022. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $50,320, which more than doubled to $112,315 by 2022. This substantial increase in property values, despite fluctuations in homeownership rates, suggests a complex interplay of factors influencing the local real estate market.
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%, coinciding with relatively high homeownership rates of 67-71%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership rates dropped to 57% and 50% respectively. However, when interest rates fell again in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 62% and 71%. This pattern suggests that lower interest rates have generally encouraged homeownership in the area by making mortgages more affordable.
Renter percentages in zip code 13410 have shown an inverse relationship to homeownership rates, naturally. The renter-occupied percentage increased from 29% in 2013 to a peak of 33% in 2015-2016 and 2018-2019, before declining back to 29% in 2021-2022. Average rent prices have fluctuated over this period, with notable changes. In 2013, the average rent was $456, which increased to $617 by 2017. However, rent prices then began a gradual decline, reaching $572 in 2022. This trend doesn't directly correlate with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rent prices.
Looking at the most recent data, the average home price in zip code 13410 reached $118,370 in 2023 and further increased to $126,220 in 2024. This represents a significant jump from the 2022 value of $112,315, indicating a continued strong growth in the local real estate market. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the local market has shown resilience with continued price appreciation.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13410 will continue to rise, albeit potentially at a more moderate pace. The sharp increase in interest rates may slow down the rate of appreciation, but the consistent upward trend suggests prices could reach around $150,000-$160,000 by 2029. For rent prices, the forecast is less clear due to recent fluctuations, but a modest increase to around $600-$625 per month is possible, assuming stable economic conditions and continued population stability in the area.
In summary, zip code 13410 has demonstrated a resilient housing market with steadily increasing home values despite fluctuations in homeownership rates. The area has shown sensitivity to interest rate changes, with lower rates generally favoring higher homeownership. While rent prices have been more volatile, they've remained relatively stable in recent years. The continued rise in home prices, even in the face of higher interest rates, suggests a strong underlying demand for housing in this small New York community.
