Conversely, the percentage of renters in the area decreased from 20% in 2013 to 15% in 2022. Despite this decline, average rent prices showed considerable volatility. The average rent increased from $710 in 2013 to a peak of $2,466 in 2021, before sharply declining to $739 in 2022. This dramatic fluctuation in rent prices, particularly the spike in 2021, is unusual and may be influenced by factors beyond typical market forces, possibly including changes in local housing policies or significant but temporary shifts in the rental market.

Looking at the most recent data, the average home price in zip code 13433 continued to rise, reaching $133,225 in 2023 and further increasing to $140,232 in 2024. This represents a steady upward trend in property values. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13433 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $160,000 to $170,000. For average rent prices, assuming a return to more stable conditions following the 2021 anomaly, we might expect a gradual increase to around $850 to $900 per month by 2029.

In summary, zip code 13433 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with consistent growth in average home prices even in the face of significant economic changes. The relationship between low interest rates and increased homeownership is particularly notable, as is the volatile nature of the local rental market. As interest rates continue to rise, it will be crucial to monitor how these changes affect both homeownership rates and housing affordability in this rural New York community.