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Rising Home Values and Stable Ownership in Zip Code 13148: Seneca Falls' 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 13148, located in Seneca Falls, New York, has shown interesting trends in homeownership and housing prices over the past decade. This area, known for its historical significance in the women's rights movement, has experienced fluctuations in both ownership rates and average home prices, with a general trend towards increasing property values and relatively stable homeownership rates.
The homeownership rate in zip code 13148 has remained relatively stable over the years, with slight fluctuations. In 2013, the homeownership rate was 66%, and it increased to 70% by 2018. Since then, it has stabilized at 68% from 2020 to 2022. During this same period, average home prices have shown a consistent upward trend. In 2013, the average home price was $100,859, and by 2022, it had risen significantly to $165,966, representing a 64.6% increase over nine years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained relatively stable at around 66-67%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates actually increased slightly to 70%. This suggests that other local factors may have influenced homeownership decisions in this zip code, potentially offsetting the impact of rising interest rates.
Renter percentages in zip code 13148 have shown a slight downward trend, from 34% in 2013 to 32% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $805, which increased to $895 by 2016. However, there was a notable drop to $798 in 2017, followed by increases in subsequent years. By 2022, the average rent had risen to $869, showing an overall increase of 7.9% from 2013 to 2022, despite some volatility.
In 2023 and 2024, the housing market in zip code 13148 continued its upward trajectory. The average home price reached $174,923 in 2023 and further increased to $182,075 in 2024, representing a 9.7% rise over two years. This growth occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on current trends, we can predict that average home prices in zip code 13148 will continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,000 per month by 2029. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, zip code 13148 has demonstrated resilience in its housing market, with steadily increasing average home prices and relatively stable homeownership rates. The area has shown the ability to maintain strong property values even in the face of rising interest rates, suggesting a robust local real estate market. The rental market, while experiencing some fluctuations, has also shown an overall upward trend in prices. As the area continues to evolve, it will be important to monitor these trends and their impact on the local community.
