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Average Home Values and Ownership in Zip Code 13811: A Decade of Growth in Newark Valley
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
Newark Valley, located in zip code 13811 in New York state, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural community has maintained a strong tradition of homeownership, with rates consistently above 80% throughout most of the observed period.
The homeownership rate in zip code 13811 has shown a general upward trend, increasing from 79% in 2013 to 84% in 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $110,810, which steadily climbed to $160,410 by 2022, representing a 44.8% increase over nine years. The most substantial year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $129,351 to $147,134, a 13.7% rise.
Federal interest rates have played a role in homeownership trends in Newark Valley. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, likely contributed to the high and increasing homeownership rates. For instance, when interest rates were at their lowest in 2021 at 0.08%, homeownership reached 82%, making it more affordable for residents to finance home purchases.
Renter percentages in zip code 13811 have inversely mirrored homeownership trends, declining from 21% in 2013 to 16% in 2022. Despite this decrease in the renter population, average rent prices have shown an upward trajectory. The average rent increased from $772 in 2013 to $859 in 2022, a 11.3% rise. Notably, there was a significant jump in average rent from $847 in 2020 to $883 in 2021, a 4.3% increase in a single year, despite a slight decrease in the renter population.
Looking at the most recent data, the average home price in zip code 13811 continued to rise, reaching $165,228 in 2023 and $168,818 in 2024. This represents a 3% increase from 2022 to 2023 and a further 2.2% increase from 2023 to 2024. Simultaneously, federal interest rates have increased 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 zip code 13811 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $185,000 to $190,000. Average rent prices are also expected to increase, potentially reaching around $950 to $1,000 per month by 2029.
In summary, Newark Valley has demonstrated a strong preference for homeownership, with rates consistently above 80% in recent years. The community has experienced substantial growth in average home prices, particularly between 2020 and 2021. Despite a decreasing renter population, average rent prices have also shown an upward trend. The recent sharp increase in federal interest rates may influence future homeownership rates and housing market dynamics in this rural New York community.
