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Average Home Values and Ownership in Zip Code 13760: Endwell's Steady Growth Amidst Interest Rate Fluctuations
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 13760, located in Endwell, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 44,123 in 2022, has seen a generally stable homeownership rate alongside fluctuating average home prices and rental costs.
The homeownership rate in zip code 13760 has remained relatively steady, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 66%, and by 2022, it had increased slightly to 67%. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $110,777, which steadily increased to $156,954 by 2022, representing a 41.7% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong inclination towards homeownership.
Federal interest rates have played a role in homeownership trends in zip code 13760. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 65-66%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 66% in 2018 and 2019. Interestingly, even as interest rates dropped sharply in 2020 (0.38%) and 2021 (0.08%), homeownership rates increased to 68%, possibly due to pandemic-related factors and increased affordability of mortgages.
The rental market in zip code 13760 has shown interesting trends as well. The percentage of renters fluctuated slightly between 32% and 35% from 2013 to 2022. Average rent prices have generally increased over this period, rising from $759 in 2013 to $863 in 2022, an increase of 13.7%. However, this increase was not consistent year-over-year. For instance, there was a significant jump in average rent from $789 in 2015 to $875 in 2016, followed by more gradual increases in subsequent years.
In 2023 and 2024, the housing market in zip code 13760 continued to show strong growth. The average home price reached $168,911 in 2023 and further increased to $180,459 in 2024, representing a 7.6% and 6.8% year-over-year increase respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in this area.
Looking ahead, based on the historical data and recent trends, we can predict that average home prices in zip code 13760 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $200,000-$210,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially reaching $950-$1,000 by 2029, assuming the current economic conditions and housing demand persist.
In summary, zip code 13760 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen significant appreciation in property values, particularly in recent years, while maintaining a stable balance between owners and renters. The continued rise in both home prices and rents, even in the face of increasing interest rates, suggests a strong and desirable housing market in this New York community.
