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Rising Home Values and Ownership in Zip Code 13669: Ogdensburg's Evolving Real Estate 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
Ogdensburg, located in zip code 13669 in New York State, is a small urban area situated along the St. Lawrence River. This city has experienced interesting shifts in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, with fluctuations in average home prices and average rent costs.
The homeownership rate in Ogdensburg has shown a gradual increase from 2013 to 2022. In 2013, the homeownership rate was 71%, and by 2022, it had risen to 74%. This 3% increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $70,188, and by 2022, it had increased to $100,858, representing a 43.7% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $81,014 to $90,795, a 12% increase in a single year.
Federal interest rates have played a role in homeownership trends in Ogdensburg. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the gradual increase in homeownership rates, as more affordable financing options were available to potential homebuyers. The slight dip in homeownership from 71% in 2018 to 69% in 2017 occurred during a period when interest rates were rising, from 1% in 2017 to 1.83% in 2018.
The renter percentage in Ogdensburg has fluctuated between 26% and 31% from 2013 to 2022. Interestingly, the average rent prices have not shown a consistent upward trend like home prices. In 2013, the average rent was $670, and it peaked at $755 in 2017 before declining to $685 in 2022. This fluctuation in rent prices doesn't appear to have a strong correlation with the renter percentage, which reached its highest point of 31% in 2017 when rent prices were also at their peak.
In 2023, the average home price in Ogdensburg reached $103,360, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, significantly higher than the rates seen in the previous decade. Moving into 2024, the average home price has further increased to $108,913, while the federal interest rate has risen slightly to 5.33%. These higher interest rates may impact homeownership rates and housing affordability in the coming years.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Ogdensburg will continue to rise over the next five years, potentially reaching around $130,000 by 2029. However, this growth rate may slow down if interest rates remain high. Average rent prices are likely to stabilize around $700-$750 per month, with possible slight increases to keep pace with inflation and housing demand.
In summary, Ogdensburg has seen a gradual increase in homeownership rates over the past decade, accompanied by a significant rise in average home prices. Rent prices have fluctuated without a clear upward trend, while renter percentages have remained relatively stable. The recent sharp increase in federal interest rates may influence future homeownership rates and housing affordability in this zip code.
