Loading Content...
Home Values and Ownership Trends in Zip Code 13807: A Resilient Rural Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 13807, located in Milford, New York, presents an intriguing case study of homeownership and housing market dynamics. This rural area, spanning 24.78 square miles, has experienced fluctuations in its ownership percentage, average home prices, and average rent prices over the past decade.
The ownership percentage in zip code 13807 has shown a general decline from 2013 to 2019, followed by a recovery in recent years. In 2013, the homeownership rate stood at 81%, but it decreased to 67% by 2019. However, there has been a significant rebound, with the rate increasing to 79% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $126,155, which rose to $202,174 by 2022, representing a 60% increase over this period.
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 paradoxically declined from 81% to 70%. This suggests that other local factors were influencing homeownership more strongly than national interest rates during this period. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and then started to increase, possibly due to residents seeking to secure mortgages before rates climbed further.
Renter percentages and average rent prices in zip code 13807 have shown interesting patterns. The percentage of renters increased from 19% in 2013 to a peak of 33% in 2017 and 2019, before declining to 21% in 2022. Average rent prices have been volatile, rising from $575 in 2013 to a high of $902 in 2014, then fluctuating between $775 and $863 until 2022, when it settled at $833. These trends suggest a complex rental market, possibly influenced by changes in local employment opportunities or shifts in the area's demographic composition.
In 2023 and 2024, the housing market in zip code 13807 has continued to evolve. The average home price reached $216,711 in 2023 and further increased to $222,397 in 2024, representing a 10% growth over two years. This rise coincides with significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these high rates, the continued increase in home prices suggests strong demand in the area, possibly driven by factors such as limited housing supply or the area's attractiveness to buyers.
Looking ahead, predictive models suggest that average home prices in zip code 13807 may continue to rise over the next five years, albeit at a potentially slower rate due to the high interest rate environment. Average rent prices are expected to remain relatively stable with modest increases, reflecting the area's steady population and the recent trend towards homeownership.
In summary, zip code 13807 has demonstrated resilience in its housing market, with a recent strong trend towards homeownership despite rising home prices. The area has weathered fluctuations in both the rental and ownership markets, suggesting a dynamic local economy. The continued rise in home values, even in the face of high interest rates, indicates sustained demand for housing in this New York village.
