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Rising Home Values and Stable Ownership in Zip Code 13308: A Decade of Housing Trends in Rome, NY
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 13308, located in Rome, New York, has experienced significant fluctuations in population and housing dynamics over the past decade. This area has seen a general trend of increasing homeownership rates alongside rising average home prices, with some notable variations in recent years.
The homeownership rate in zip code 13308 has shown a generally upward trend, increasing from 79% in 2016 to 83% in 2022. This rise in homeownership coincided with a substantial increase in average home prices, which grew from $111,206 in 2016 to $183,707 in 2022, representing a 65% increase over six years. The relationship between homeownership rates and average home prices appears to be positive, with both generally moving upward together.
Federal interest rates have played a significant role in shaping homeownership trends in this area. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the increased homeownership rates observed during this time. For instance, as interest rates dropped from 1.83% in 2018 to 0.38% in 2020, homeownership rates increased from 80% to 84%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 13308 have fluctuated inversely to homeownership rates, decreasing from 21% in 2016 to 17% in 2022. Average rent prices, however, have shown an overall upward trend, rising from $899 in 2016 to $867 in 2022, with a peak of $974 in 2021. The population in this zip code has also fluctuated, decreasing from 3,351 in 2016 to 3,927 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, average home prices in zip code 13308 continued to rise, reaching $187,348 in 2023 and $197,912 in 2024. This represents a 7.7% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 13308 may continue to increase over the next five years, potentially reaching around $225,000 by 2029. Average rent prices could also see a moderate increase, possibly reaching $1,100 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 13308 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with lower interest rates generally corresponding to higher homeownership rates. Despite some fluctuations, the area has shown resilience in its housing market, with both ownership rates and property values on an upward trajectory.
