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Average Home Values and Ownership in Zip Code 13471: Rome's Resilient Real Estate 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
Zip code 13471, located in Rome, New York, presents an interesting case study of homeownership and housing market trends. This area has seen significant shifts in ownership percentages and average home prices over the past decade, with a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 13471 has shown a steady increase from 77% in 2013 to 87% in 2022. This substantial rise in homeownership coincides with a notable increase in average home prices, which grew from $84,226 in 2013 to $143,491 in 2022, representing a 70% increase over this period. This trend suggests a strong correlation between rising property values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 13471. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates increased from 77% to 79%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 87% in 2022. This suggests that other local factors may have contributed to the sustained increase in homeownership despite rising interest rates.
Conversely, the percentage of renters in zip code 13471 has decreased from 23% in 2013 to 13% in 2022. Interestingly, average rent prices have fluctuated during this period, peaking at $1,012 in 2014 before declining to $830 in 2022. This downward trend in both renter percentages and average rent prices could be attributed to the area's declining population, which decreased from 3,626 in 2013 to 3,193 in 2022, potentially reducing demand for rental properties.
Looking at the most recent data, average home prices in zip code 13471 slightly decreased from $143,491 in 2022 to $142,651 in 2023, before rebounding to $151,964 in 2024. This represents a 6.5% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 13471 to continue their upward trajectory, potentially reaching around $175,000 by 2029. This projection is based on the historical growth rate and recent market dynamics. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching approximately $900 per month by 2029, assuming the local economy and population trends remain relatively stable.
In summary, zip code 13471 has experienced a significant shift towards homeownership, with ownership rates increasing by 10 percentage points from 2013 to 2022. This trend has been accompanied by a substantial rise in average home prices, nearly doubling over the past decade. Despite rising interest rates in recent years, the area has maintained its strong homeownership trend, suggesting robust local market conditions. The rental market, in contrast, has seen a decline in both the percentage of renters and average rent prices, likely influenced by the area's decreasing population.
