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Rising Home Values and Shifting Ownership in Zip Code 13090: Liverpool's Evolving Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Liverpool, located in zip code 13090 in New York State, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Liverpool has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 72%, but by 2022, it had decreased to 68%. This 4% reduction in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $137,406, and by 2022, it had risen to $223,945, representing a substantial 63% increase over this period.
The relationship between federal interest rates and homeownership rates in Liverpool demonstrates some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at 73%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates started to decline, dropping to 68% by 2022.
Conversely, the percentage of renters in Liverpool has increased from 27% in 2013 to 32% in 2022. This 5% increase in renters corresponds with a rise in average rent prices. In 2013, the average rent was $950, which increased to $1,192 by 2022, representing a 25.5% increase. The growing renter population, coupled with rising rent prices, suggests a shift towards a more rental-oriented market in the area.
Looking at the most recent data, the average home price in Liverpool continued its upward trajectory, reaching $244,919 in 2023 and $264,059 in 2024. This represents a further 17.9% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant rise 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 Liverpool will continue to rise, potentially reaching around $315,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a potential increase to approximately $1,400 by 2029, continuing the steady upward trajectory seen in recent years.
In summary, Liverpool has experienced a shift towards a more rental-oriented market, with decreasing homeownership rates and increasing renter percentages. This trend has been accompanied by substantial increases in both average home prices and average rent prices. The recent sharp rise in interest rates may further impact the housing market dynamics in the coming years, potentially affecting affordability and homeownership rates.
