Loading Content...
Average Home Values and Ownership in Zip Code 13601: Watertown's Housing Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 13601, located in Watertown, New York, has experienced notable shifts in its housing market over the past decade. This area, with a population of 37,004 in 2022, has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 13601 has remained relatively stable, hovering around 48-49% from 2013 to 2022. However, this stability masks underlying changes in the housing market. Average home prices in the area have shown a significant upward trend, particularly in recent years. In 2010, the average home price was $122,965, which increased to $169,251 by 2022, representing a 37.6% increase over 12 years. This rise in home prices has not corresponded with a decrease in homeownership rates, suggesting that local incomes may have kept pace with housing costs or that other factors are supporting homeownership in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 13601. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 48-50%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was no significant decline in homeownership rates, which remained at 49% in 2022. This suggests that other local factors may be influencing homeownership decisions in addition to interest rates.
Renter percentages in zip code 13601 have shown a slight increase over the years, from 50% in 2013 to 51% in 2022. This modest shift towards renting coincides with changes in average rent prices. In 2013, the average rent was $955, which decreased to $916 by 2022, a 4.1% reduction. This decrease in average rent prices, despite a slight increase in the percentage of renters, could be attributed to various factors such as an increase in rental housing supply or economic conditions affecting local incomes.
Looking at the most recent data, average home prices in zip code 13601 continued to rise, reaching $177,021 in 2023 and $184,655 in 2024. This represents a 9.1% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13601 will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a moderate increase, potentially reaching approximately $970 by 2029, assuming the recent stabilization in rent prices continues and adjusts for inflation.
In summary, zip code 13601 has demonstrated resilience in its homeownership rates despite rising home prices. The area has experienced significant growth in average home values, particularly in recent years, while maintaining a relatively stable balance between owners and renters. The coming years may see continued appreciation in home values and a slight increase in rental prices, reflecting the area's evolving housing market dynamics.
