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Rising Home Values and Ownership in Zip Code 13480: Waterville's Rural Real Estate Trends
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 13480, located in Waterville, 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 rising average home prices, while average rent prices have also shown an upward trajectory.
The ownership percentage in zip code 13480 has shown a significant increase from 70% in 2013 to 77% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $107,359 in 2013 to $179,479 in 2022, representing a 67% increase over this period. The trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 13480. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 70% to 72%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly continued to increase, reaching 77% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
The renter percentage in zip code 13480 has correspondingly decreased from 30% in 2013 to 23% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $727 in 2013 to $779 in 2022, representing a 7.2% increase. This rise in rent prices, despite a decreasing renter population, could be attributed to various factors such as improved housing quality or increased demand for rental properties in specific segments of the market.
In 2023 and 2024, the average home prices in zip code 13480 continued their upward trajectory, reaching $184,767 in 2023 and $191,756 in 2024. This represents a further 6.8% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, marking a substantial rise from the 1.68% seen in 2022. These higher interest rates could potentially impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 13480 may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $850 per month within the same timeframe. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years, especially if higher interest rates persist.
In summary, zip code 13480 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience in maintaining an upward trend in homeownership despite fluctuations in federal interest rates. The rental market, while shrinking in terms of percentage, has seen steady increases in average rent prices. These trends indicate a dynamic and evolving housing landscape in Waterville, with potential for continued growth in both the ownership and rental sectors.
