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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 13668, located in Norwood, New York, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, coupled with fluctuating rental markets.
The ownership percentage in zip code 13668 has shown a significant upward trend, rising from 73% in 2013 to 81% in 2022. This increase in homeownership coincides with a substantial rise in average home prices, which grew from $83,693 in 2013 to $128,364 in 2022, representing a 53.4% increase over nine years. The relationship between these two factors suggests that despite rising home values, more residents in this area have been able to transition into homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 13668. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 70% to 72%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership in the area actually increased, reaching 81% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
The rental market in zip code 13668 has shown inverse trends to homeownership. The percentage of renters decreased from 27% in 2013 to 19% in 2022. Interestingly, average rent prices have not followed a consistent pattern during this period. Average rents fluctuated, starting at $832 in 2013, dropping to $706 in 2015, then rising again to $808 in 2022. The population of the area has remained relatively stable, with 3,498 residents in 2013 and 3,729 in 2022, suggesting that changes in rental rates may be influenced more by local economic factors than by population pressure.
Moving to more recent data, the average home prices in zip code 13668 continued to rise, reaching $130,280 in 2023 and $133,730 in 2024. This represents a further increase of 4.2% from 2022 to 2024. Concurrently, federal interest rates have significantly increased, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home values in this area have continued to appreciate.
Looking ahead, based on the historical trends and recent data, we can project that average home prices in zip code 13668 may continue to rise over the next five years, potentially reaching around $150,000 by 2029. However, the rate of increase might slow down due to the current high interest rates. Average rent prices, which have been more volatile, could stabilize or see modest increases, potentially reaching around $850 per month by 2029.
In summary, zip code 13668 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in the rental market and recent increases in interest rates, the area has maintained a growing real estate market. The continued rise in homeownership rates, even in the face of rising home prices and interest rates, suggests a robust local economy and a strong desire for home ownership among residents in this New York village.