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Average Home Values and Ownership in Zip Code 13856: 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 13856, located in Walton, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area, spanning 179.62 square miles, has seen fluctuations in its population and housing market that reflect broader economic trends and local dynamics.
The homeownership rate in zip code 13856 has shown resilience, with a general upward trend from 2013 to 2022. In 2013, 67% of residents were homeowners, and this figure rose to 74% by 2018, before settling at 68% in 2022. Concurrently, average home prices have steadily increased, rising from $104,475 in 2013 to $173,008 in 2022, representing a significant 65.6% increase over this period. This trend suggests a growing preference for homeownership in the area, potentially driven by the perceived value and stability of real estate investments.
The relationship between federal interest rates and homeownership rates in zip code 13856 appears to follow expected patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates initially increased. However, even as interest rates began to rise from 2017 onwards, homeownership rates in the area remained relatively stable, suggesting other local factors may have influenced housing decisions.
Renter percentages in zip code 13856 have fluctuated inversely to homeownership rates, declining from 33% in 2013 to 32% in 2022. Interestingly, average rent prices have shown volatility, peaking at $719 in 2016 before dropping to $520 in 2017, and then stabilizing around $600 in recent years. The population of the area has remained relatively stable, decreasing slightly from 6,580 in 2013 to 6,495 in 2022, which may have contributed to the relative stability in the rental market.
In 2023 and 2024, average home prices in zip code 13856 continued their upward trajectory, reaching $176,393 in 2023 and $179,421 in 2024. This represents a 3.7% increase from 2022 to 2024, despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 13856 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to maintain their stability or increase slightly, reflecting the area's steady population and balanced housing market.
In summary, zip code 13856 has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. The area has shown resilience to fluctuating interest rates, maintaining a strong preference for homeownership. The rental market, while experiencing some volatility, has stabilized in recent years. These trends, combined with the area's steady population, suggest a stable and potentially attractive real estate market in the coming years.
