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Average Home Values and Ownership in Zip Code 13666: Star Lake's Rural Housing Market Dynamics
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 13666, located in Star Lake, New York, is a rural area characterized by its low population density and predominantly owner-occupied housing. Over the past decade, this area has experienced fluctuations in homeownership rates and average home prices, while average rent prices have shown a general decline.
The homeownership rate in zip code 13666 has seen minor fluctuations between 2013 and 2022. In 2013, the ownership percentage stood at 83%, reaching its peak of 86% in 2017, before decreasing to 75% by 2022. Interestingly, average home prices have shown a steady upward trend during this period. In 2013, the average home price was $28,344, which more than doubled to $53,032 by 2022, representing an 87% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in this area. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 83-84%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a gradual decline in homeownership rates, dropping to 75% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in zip code 13666 has shown an overall increase from 17% in 2013 to 23% in 2022. However, average rent prices have experienced a downward trend during this period. In 2013, the average rent was $1,034, which decreased to $778 by 2022, representing a 25% decline. This trend may be influenced by the area's declining population, which dropped from 143 in 2013 to 129 in 2022, potentially reducing demand for rental properties.
In 2023 and 2024, the average home prices in zip code 13666 showed a slight decline followed by a modest increase. The average home price in 2023 was $51,236, a 3.4% decrease from 2022. However, in 2024, it rose to $52,301, a 2.1% increase from the previous year. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in zip code 13666 will continue to rise moderately over the next five years. We estimate an annual growth rate of approximately 3-5%, potentially reaching around $64,000 by 2029. Average rent prices, which have been declining, may stabilize or show a slight increase, possibly reaching $850-$900 per month by 2029, assuming economic conditions remain stable and population trends don't shift dramatically.
In summary, zip code 13666 has experienced a gradual shift from predominantly owner-occupied housing to a slight increase in rentals, despite declining average rent prices. Average home prices have shown significant growth over the past decade, more than doubling since 2013. The interplay between federal interest rates, population changes, and local economic factors will continue to shape the housing market in this rural New York community.
