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Average Home Values and Ownership in Zip Code 13676: A Decade of Growth in Hannawa Falls, New York
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
Hannawa Falls, situated in zip code 13676 in New York state, offers an intriguing study of housing trends over the past decade. This rural community has experienced changes in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Hannawa Falls has shown a slight increase over the years, rising from 57% in 2013 to 59% in 2022. This trend coincides with a substantial increase in average home prices, which grew from $102,498 in 2013 to $157,123 in 2022, representing a 53.3% increase over this period. The most significant annual jump occurred between 2020 and 2021, with average home prices rising from $127,223 to $143,207, a 12.6% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in Hannawa Falls. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which corresponded with a rise in homeownership from 57% to 60%. As interest rates began to climb from 2016 onwards, reaching 1.68% by 2022, homeownership rates remained relatively stable, fluctuating between 59% and 62%. This suggests that while interest rates influence homeownership, other local factors also play a significant role in this community.
Renter percentages in Hannawa Falls have shown a slight decrease, from 43% in 2013 to 41% in 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. Average rent peaked at $876 in 2017 but has since decreased to $772 in 2022, a 11.9% drop. This decline in average rent prices occurred despite a slight decrease in population from 15,871 in 2017 to 14,468 in 2022, which might typically lead to increased rental demand and higher prices.
Looking at the most recent data, average home prices in Hannawa Falls continued to rise, reaching $163,903 in 2023 and $170,239 in 2024. This represents a 4.3% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may 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 Hannawa Falls will continue to rise, potentially reaching around $195,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices, however, may stabilize or show modest increases, potentially reaching approximately $800 by 2029, assuming the local economy and population remain relatively stable.
In summary, Hannawa Falls has experienced a gradual increase in homeownership rates alongside significant growth in average home prices over the past decade. The community has shown resilience in maintaining homeownership levels despite rising interest rates. The rental market has seen more fluctuation, with recent decreases in average rent prices contrasting with the rising home values. As the area moves forward, it will be crucial to monitor how these housing trends interact with population changes and broader economic factors to shape the future of this New York community.
