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Home Values and Ownership Trends in Zip Code 13827: Owego's Shifting Housing Market
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 13827, encompassing Owego in New York, presents an intriguing landscape of homeownership and rental trends. This area has experienced notable shifts in its real estate market over the past decade, with homeownership rates generally declining while average home prices and rent have shown an upward trajectory.
The homeownership rate in zip code 13827 has seen a gradual decline from 76% in 2013 to 71% in 2022. This trend coincides with a significant increase in average home prices, rising from $109,582 in 2013 to $171,423 in 2022, representing a 56.4% increase over this period. The relationship between these trends suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw relatively stable homeownership rates (75-76%) coinciding with historically low interest rates (0.09-0.4%). However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates dropped to 71%. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained steady at 71%, possibly due to economic uncertainties during the COVID-19 pandemic.
The renter population in zip code 13827 has inversely mirrored the homeownership trend, increasing from 23% in 2013 to 29% in 2022. This shift has been accompanied by a substantial rise in average rent prices, from $675 in 2013 to $802 in 2022, marking an 18.8% increase. The population has remained relatively stable during this period, fluctuating between 11,600 and 12,000 residents, suggesting that the increase in renters is likely due to shifts from ownership to renting rather than significant population changes.
Looking at more recent data, the average home price in zip code 13827 continued its upward trend, reaching $176,685 in 2023 and $182,287 in 2024. This represents a 6.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13827 will continue to rise, potentially reaching around $210,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the model suggests a continued increase, potentially reaching an average of around $950 per month by 2029, assuming the trend of the past few years persists.
In summary, zip code 13827 has experienced a shift towards renting, with homeownership rates declining from 76% to 71% between 2013 and 2022. This change has occurred alongside substantial increases in both average home prices (56.4% increase) and average rent (18.8% increase) during the same period. The area has also seen significant recent increases in federal interest rates, which may continue to influence homeownership trends. Looking ahead, both home prices and rent are projected to continue their upward trajectories, potentially impacting the accessibility of housing in this New York community.
