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Home Values and Ownership in Zip Code 13417: A Decade of Growth in New York Mills
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
New York Mills, located in zip code 13417 in the state of New York, presents an intriguing housing market with fluctuating trends in homeownership and rental rates. This small community has experienced notable changes in its real estate landscape over the past decade, with average home prices showing a steady increase and ownership rates fluctuating.
The homeownership rate in New York Mills has shown some variability over the years. In 2013, the ownership rate stood at 51%, but by 2017, it had decreased to 44%. However, there was a recovery in subsequent years, with the ownership rate reaching 49% in 2022. This fluctuation in homeownership coincided with changes in average home prices. In 2013, the average home price was $108,982, and it steadily increased to $183,670 by 2022, representing a significant 68.5% increase over this period.
The relationship between federal interest rates and homeownership rates in New York Mills shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates fluctuated between 45% and 51%. As interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized around 48-49%.
Renter percentages in New York Mills have generally mirrored the inverse of homeownership rates. In 2013, the renter-occupied rate was 49%, increasing to a peak of 56% in 2017, before settling at 51% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $756, rising to $818 in 2017, which coincided with the highest percentage of renters. By 2022, the average rent had decreased slightly to $729, possibly contributing to the stabilization of the rental market.
Looking at the most recent data, the average home price in New York Mills continued its upward trajectory, reaching $190,201 in 2023 and further increasing to $199,918 in 2024. This represents a 5.1% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in New York Mills will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current economic conditions, we project average home prices could reach approximately $230,000 to $240,000 by 2029. For average rent prices, considering the historical fluctuations and current market conditions, we estimate they may stabilize or see modest increases, potentially reaching $780 to $820 per month by 2029.
In summary, New York Mills has experienced a general trend of increasing average home prices over the past decade, with some fluctuations in homeownership rates. The rental market has shown resilience, with renter percentages remaining relatively stable in recent years. The interplay between federal interest rates, home prices, and ownership rates highlights the complex dynamics of the local real estate market. As we look to the future, the continued rise in home prices and higher interest rates may shape the housing landscape in this New York community.
