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Rising Home Values and Ownership Trends in Zip Code 13421: Oneida's Resilient 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 13421, located in Oneida, New York, has experienced significant changes in its housing market over the past decade. This area has seen an increase in homeownership rates and a substantial rise in average home prices, along with fluctuations in average rent prices. These trends provide insight into the local economic conditions and housing preferences of residents.
The homeownership rate in zip code 13421 has shown a notable upward trend from 2013 to 2022. Starting at 60% in 2013, the rate increased to 65% by 2022, representing a 5 percentage point rise. This growth in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $103,923, and by 2022, it had risen to $157,988, marking a 52% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $128,995 to $144,238, a 12% rise in a single year.
Federal interest rates have played a role in shaping homeownership trends in this zip code. From 2013 to 2020, interest rates remained relatively low, generally below 2.5%, which likely contributed to the increasing homeownership rate. The rate climbed from 60% in 2013 to 65% in 2020. However, despite the sharp increase in interest rates in 2022 to 1.68% and further to 5.02% in 2023, homeownership remained stable at 65%, suggesting other factors may be influencing homeownership decisions in this area.
The renter population in zip code 13421 has correspondingly decreased as homeownership increased. In 2013, 40% of residents were renters, while by 2022, this figure had dropped to 35%. Interestingly, average rent prices have shown an overall upward trend despite the decreasing renter population. In 2013, the average rent was $733, and by 2022, it had increased to $768, a 4.8% rise. The highest average rent was recorded in 2020 at $777, coinciding with the lowest renter occupancy rate of 35%.
Looking at the most recent data, average home prices in zip code 13421 continued to rise in 2023 and 2024, reaching $167,163 and $176,391 respectively. This represents a further 11.5% increase from 2022 to 2024, despite the federal interest rate climbing to 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13421 will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's apparent resistance to higher interest rates. For average rent prices, we expect a more moderate increase, potentially reaching approximately $800 by 2029, assuming the current trends in homeownership and population density continue.
In summary, zip code 13421 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in the renter population and average rent prices, the area has shown resilience in its housing market, with home prices continuing to climb even in the face of rising interest rates. These trends suggest a strong local economy and a desirable living area that continues to attract homebuyers.
