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Average Home Values and Ownership in Zip Code 13646: Hammond'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 13646, located in Hammond, New York, has experienced notable fluctuations in population, homeownership rates, and housing prices over the past decade. This rural area has seen a general trend of increasing average home prices, while ownership percentages have remained relatively stable with some recent growth.
The homeownership rate in zip code 13646 has shown resilience, with a slight increase from 78% in 2015 to 81% in 2022. This trend coincides with a significant rise in average home prices, which grew from $112,311 in 2015 to $170,729 in 2022, representing a 52% increase over seven years. The relationship between ownership percentages and home prices suggests that despite rising costs, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2015 to 2021 saw historically low interest rates, ranging from 0.13% to 0.08%, which likely contributed to the sustained high levels of homeownership. Even as rates began to rise in 2022 to 1.68%, the ownership percentage held steady at 81%, indicating a robust local housing market.
Renter percentages in zip code 13646 have shown a slight decrease, moving from 22% in 2015 to 19% in 2022. During this period, average rent prices fluctuated, starting at $713 in 2015, peaking at $844 in 2021, and then decreasing to $786 in 2022. The population grew from 2,739 in 2015 to 3,195 in 2022, which may have influenced the rental market dynamics, potentially leading to increased competition for rental properties despite the overall preference for homeownership.
Looking at the most recent data, average home prices in zip code 13646 continued to rise, reaching $172,403 in 2023 and further increasing to $182,792 in 2024. This represents a 7% growth from 2023 to 2024, indicating a strong and growing housing market. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13646 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. Average rent prices are also expected to increase, potentially reaching approximately $950 per month by 2029, assuming the area maintains its economic stability and population growth.
In summary, zip code 13646 has demonstrated a strong preference for homeownership, with rates remaining high despite significant increases in average home prices. The area has shown resilience in the face of rising interest rates, and the housing market appears to be robust with continued price appreciation. The rental market, while smaller, has also seen moderate growth in prices. These trends suggest a stable and growing real estate market in this rural New York community for the foreseeable future.
