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Rising Home Values and Shifting Ownership in Zip Code 13634: Dexter's Decade of Change
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 13634, located in Dexter, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, spanning 45.42 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors.
The homeownership rate in zip code 13634 has shown a slight downward trend over the years, moving from 76% in 2017 to 70% in 2022. This decline in homeownership coincides with a significant increase in average home prices. In 2017, the average home price was $155,607, which steadily rose to $212,878 by 2022, representing a substantial 36.8% increase over five years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends. In 2017, when the federal interest rate was 1%, homeownership in the area was at 76%. As interest rates climbed to 1.83% in 2018 and 2.16% in 2019, we observed a slight dip in homeownership to 75% and 72% respectively. This trend aligns with the general principle that higher interest rates can make mortgages more expensive, potentially discouraging home purchases.
Correspondingly, the percentage of renters in zip code 13634 has increased from 24% in 2017 to 30% in 2022. This rise in the renter population has been accompanied by an increase in average rent prices. In 2017, the average rent was $820, which rose to $902 by 2022, marking a 10% increase. The population fluctuations, from 4,296 in 2017 to 4,235 in 2022, suggest that changes in the local economy or demographics may have influenced these housing market trends.
Looking at more recent data, the average home price in zip code 13634 continued its upward trajectory, reaching $223,273 in 2023 and $233,727 in 2024. This represents a further 9.8% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially slow down the pace of home price increases and affect homeownership rates in the coming years.
Applying predictive models to forecast trends for the next five years, we anticipate that average home prices in zip code 13634 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach around $260,000 to $275,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,000 to $1,100 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 13634 has experienced a gradual shift towards a higher percentage of renters, coupled with substantial increases in both average home prices and rent. The interplay between federal interest rates, local economic conditions, and housing affordability has shaped these trends. As we look to the future, the area is likely to see continued growth in housing costs, with the rate of increase potentially moderated by higher interest rates.
