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Average Home Values and Ownership in Zip Code 13849: A Rural New York Case Study
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 13849, located in Unadilla, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area, spanning 70.9 square miles, has seen a general trend of increasing homeownership and fluctuating average home prices, while average rent prices have shown volatility.
The homeownership rate in zip code 13849 has shown a slight upward trend from 2013 to 2022. In 2013, the owner-occupied rate was 83%, which increased to 85% by 2017, before settling at 83% in 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $101,556, which decreased to $98,520 in 2015 before steadily rising to $156,633 in 2022, representing a 54.6% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2015, interest rates remained low (0.11% to 0.13%), corresponding with relatively stable homeownership rates. As interest rates began to rise from 2016 (0.4%) to 2019 (2.16%), homeownership rates showed resilience, maintaining between 83% and 85%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 82%, possibly due to economic uncertainties during the pandemic.
Renter percentages in zip code 13849 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter-occupied rate was 17% in 2013, dropped to 15% in 2017, and returned to 17% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $762, which increased to $827 in 2016, then decreased to $664 in 2022, representing a 13% decrease from 2013 to 2022. This trend may be influenced by the area's declining population, which fell from 4,801 in 2013 to 4,709 in 2022, potentially reducing demand for rental properties.
In 2023, the average home price in zip code 13849 reached $161,528, continuing the upward trend seen in previous years. This represents a 3.1% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $165,303, a 2.3% rise from 2023. The federal interest rate for 2024 stands at 5.33%, the highest in over a decade.
Looking ahead, based on historical trends and current economic conditions, we can expect average home prices in zip code 13849 to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $185,000 to $195,000 by 2029. Average rent prices, which have been more volatile, may stabilize or show modest increases, potentially reaching $700 to $750 per month in the next five years.
In summary, zip code 13849 has maintained a high homeownership rate despite fluctuations in average home prices and federal interest rates. The area has seen a significant increase in average home values since 2015, while average rent prices have shown more variability. The recent rise in interest rates may impact future homeownership trends and price growth, but the area's established preference for homeownership suggests continued stability in the housing market.
