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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 13054, located in Durhamville, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home prices, with recent years showing significant growth in property values.
The homeownership rate in zip code 13054 has shown a strong upward trend, increasing from 73% in 2013 to 83% in 2022. This rise in homeownership coincides with fluctuations in average home prices. In 2013, the average home price was $98,084, and it rose steadily to reach $174,149 in 2022, representing a substantial 77.5% increase over this period. The most dramatic price increases occurred between 2020 and 2022, with average home values jumping from $134,718 to $174,149, a 29.3% surge in just two years.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the increased homeownership rates. As interest rates remained low, more residents in zip code 13054 may have found homeownership financially feasible, explaining the rise from 73% ownership in 2013 to 82% in 2020.
Conversely, the renter population in zip code 13054 has decreased over time, dropping from 27% in 2013 to 17% in 2022. Despite this decline in renters, average rent prices have shown volatility. In 2013, the average rent was $891, peaking at $1,030 in 2016 before declining to $858 in 2022. The fluctuation in rent prices doesn't appear to correlate directly with the decreasing renter population, suggesting other factors such as local economic conditions or housing supply may be influencing rental costs.
Looking at more recent data, the average home price in zip code 13054 continued its upward trajectory, reaching $179,962 in 2023 and further increasing to $189,952 in 2024. This represents a 9.1% increase from 2022 to 2024, indicating sustained growth in the local real estate market. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13054 will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed in recent years and assumes similar economic conditions persist. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of about $900 per month by 2029, considering the historical fluctuations and recent stability in rental costs.
In summary, zip code 13054 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a steady decline in the renter population, while average rent prices have fluctuated. Recent data shows continued growth in property values, with average home prices surpassing $189,000 in 2024. The interplay between federal interest rates, homeownership rates, and housing prices suggests a dynamic real estate market in this New York community, with projections indicating further growth in both home values and rental costs over the next five years.