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Rising Home Values and Shifting Ownership in Zip Code 13901: Chenango Bridge's Changing Housing Landscape
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 13901, located in Chenango Bridge, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 19,150 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 13901 has shown a gradual decline from 2013 to 2022. In 2013, 58% of housing units were owner-occupied, but by 2022, this figure had decreased to 54%. Interestingly, this downward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $107,134, but by 2022, it had risen to $152,718, representing a 42.5% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 13901. 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 at around 58-59%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline. This trend aligns with the general principle that higher interest rates can make mortgages more expensive, potentially discouraging homeownership.
The rental market in zip code 13901 has shown interesting trends as well. The percentage of renter-occupied housing units increased from 42% in 2013 to 46% in 2022. This rise in renters coincided with fluctuations in average rent prices. In 2013, the average rent was $691, which increased to a peak of $972 in 2016 before declining to $829 in 2022. The increase in renters despite the overall rise in rent prices may indicate a growing preference for rental housing or difficulties in transitioning to homeownership due to rising home prices.
Looking at more recent data, the average home price in zip code 13901 continued its upward trajectory, reaching $163,850 in 2023 and $174,478 in 2024. This represents a 14.2% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with increasing home prices, may further impact homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13901 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. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $950-$1,000 per month by 2029, assuming the local economy and population growth remain stable.
In summary, zip code 13901 has experienced a gradual shift towards renting, with homeownership rates declining as average home prices have increased substantially. The interplay between rising home values, fluctuating rent prices, and changing interest rates has shaped the housing market in this area. The continued upward trend in home prices, coupled with higher interest rates, may present challenges for potential homebuyers in the coming years, potentially reinforcing the trend towards renting in this zip code.
