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Home Values and Ownership Trends in Zip Code 13214: A Decade of Growth and Volatility
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 13214, located in De Witt, New York, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area has seen a gradual increase in both average home prices and average rent prices, alongside shifts in the balance between owner-occupied and renter-occupied housing units. The homeownership rate in zip code 13214 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 68%, and by 2022, it had increased marginally to 69%. During this period, average home prices showed a steady upward trend. In 2013, the average home price was $141,051, and by 2022, it had risen significantly to $220,999, representing a 56.7% increase over nine years.
Federal interest rates have played a role in homeownership trends in this area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 68%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a slight dip in homeownership to 65% in 2017, but it rebounded to 67% in 2018. The subsequent drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a slight increase in homeownership, reaching 69% by 2022.
Renter percentages in zip code 13214 have shown some variability, ranging from 29% to 35% between 2013 and 2022. The average rent prices have increased substantially during this period. In 2013, the average rent was $584, and by 2022, it had risen to $1,581, representing a 170.7% increase. This significant rise in rent prices occurred despite relatively stable renter percentages, suggesting strong demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 13214 continued its upward trajectory. The average home price in 2023 reached $242,135, a 9.6% increase from 2022. In 2024, it further increased to $262,320, representing an additional 8.3% growth. These price increases coincided with higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 13214 could potentially reach around $320,000 by 2029. Similarly, average rent prices might increase to approximately $2,000 per month within the same timeframe.
In summary, zip code 13214 has demonstrated a resilient housing market with steadily increasing average home and rent prices. Despite fluctuations in federal interest rates, homeownership rates have remained relatively stable. The area has seen significant appreciation in property values and rental costs, indicating strong demand for both owned and rented housing. As the market continues to evolve, both homeowners and renters in this zip code are likely to experience continued increases in housing costs.
