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Average Home Values and Ownership in Zip Code 13491: Unadilla Forks's Decade of Growth
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 13491, located in Unadilla Forks, New York, presents an interesting case study of real estate trends in a rural setting. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and slightly decreasing owner occupancy rates.
The homeownership rate in zip code 13491 has shown a slight decline from 2013 to 2022. In 2013, the area boasted an 80% homeownership rate, which remained relatively stable until 2018 when it peaked at 82%. However, by 2022, the rate had decreased to 78%. During this same period, average home prices in the area saw a significant increase. In 2013, the average home price was $102,504, and by 2022, it had risen to $170,011, representing a substantial 65.9% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 79-80%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, peaking at 82% in 2018. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a decrease in homeownership to 77% in 2021, possibly due to other economic factors related to the global pandemic.
Renter percentages in zip code 13491 have shown a slight increase, moving from 20% in 2013 to 22% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $724, which increased to $787 by 2019, representing an 8.7% rise. However, average rent prices then decreased to $721 in 2022, a 8.4% drop from the 2019 peak. These changes in rent prices and renter percentages have occurred against a backdrop of fluctuating population, which peaked at 4,086 in 2018 before declining to 3,969 in 2022.
In 2023 and 2024, the real estate market in zip code 13491 has continued to evolve. The average home price in 2023 reached $178,017, a 4.7% increase from 2022. In 2024, the average home price further increased to $188,033, representing a 5.6% year-over-year growth. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in zip code 13491 may continue to rise, potentially reaching around $225,000 by 2029 if the current growth rate persists. However, this growth could be moderated by the high interest rates, which might slow down the pace of price increases. Average rent prices, which have shown more volatility, could stabilize or see modest increases, potentially reaching around $800 per month by 2029, assuming a return to the growth trend seen between 2013 and 2019.
In summary, zip code 13491 has experienced a gradual shift towards slightly lower homeownership rates and higher average home prices over the past decade. The area has also seen fluctuations in rent prices and population. The recent sharp increase in interest rates, coupled with continued growth in home prices, suggests that the local real estate market may be entering a new phase that could affect both homeownership rates and housing affordability in the coming years.
