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Average Home Values Reach $152,570 in Zip Code 13493: Altmar's Rural Real Estate Resilience
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 13493, which encompasses Altmar in New York, presents an interesting case study of housing trends in a small community. This area has experienced fluctuations in homeownership rates and property values over the past decade, with overall trends showing an increase in average home prices and a slight decrease in owner occupancy.
The homeownership rate in zip code 13493 has shown a gradual decline from 2013 to 2022. In 2013, 88% of housing units were owner-occupied, while by 2022, this figure had decreased to 85%. Interestingly, this decline in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $84,688, and by 2022, it had risen to $145,317, representing a 71.6% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 88-89%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates dipped slightly to 85%. This suggests that rising interest rates may have made home purchases less affordable for some residents.
Renter occupancy in zip code 13493 has shown a corresponding increase as homeownership declined. In 2013, only 12% of housing units were renter-occupied, but this figure rose to 15% by 2022. Average rent prices, however, have not shown a consistent upward trend. In 2013, the average rent was $840, peaking at $926 in 2014, before fluctuating and ultimately decreasing to $710 in 2022. This decrease in average rent despite an increase in renter occupancy could be attributed to various factors, including changes in local economic conditions or housing supply.
Looking at the most recent data, average home prices in zip code 13493 continued to rise in 2023 and 2024, reaching $147,411 and $152,570 respectively. This represents a 5% increase from 2022 to 2023 and a further 3.5% increase from 2023 to 2024. Notably, federal interest rates also saw significant increases during this period, climbing to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13493 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $175,000 to $185,000 by 2029. Average rent prices, which have shown volatility, are expected to stabilize and potentially increase moderately, possibly reaching $800 to $850 per month by 2029.
In summary, zip code 13493 has experienced a noteworthy increase in property values over the past decade, coupled with a slight shift towards renter occupancy. The interplay between rising home prices, fluctuating rent costs, and increasing interest rates suggests a dynamic housing market that continues to evolve. These trends indicate a changing landscape for both homeowners and renters in the Altmar area, with potential implications for affordability and housing accessibility in the coming years.
