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Rising Home Values and Stable Ownership in Zip Code 13413: A Decade of Housing Trends in Washington Mills
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
Washington Mills, located in zip code 13413 in New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, with a population of 16,888 in 2022, has seen a general trend of increasing homeownership and rising average home prices, while average rent prices have fluctuated.
The homeownership rate in zip code 13413 has shown a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 73%, and by 2022, it had increased to 76%. This trend correlates with the steady rise in average home prices during the same period. In 2013, the average home price was $151,084, and it consistently increased, reaching $249,736 by 2022, representing a substantial 65% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate increased from 73% to 76%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise more significantly from 2017 onwards, the homeownership rate in zip code 13413 remained relatively stable, suggesting other local factors may have influenced homeownership decisions.
Renter percentages in the area have shown a slight decrease, moving from 27% in 2013 to 24% in 2022. Interestingly, average rent prices have not followed a consistent trend. In 2013, the average rent was $967, and it peaked at $1,279 in 2018 before decreasing to $1,013 in 2022. This fluctuation in rent prices, combined with the relatively stable population (16,767 in 2013 to 16,888 in 2022), suggests that local market forces and possibly changes in housing supply have influenced the rental market more than population growth.
In 2023 and 2024, the housing market in zip code 13413 continued its upward trajectory. The average home price reached $260,684 in 2023 and further increased to $273,749 in 2024. This represents a 9.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in zip code 13413 will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach approximately $300,000 to $320,000 by 2029. Average rent prices, which have been more volatile, are harder to predict but may stabilize or show modest increases, potentially reaching around $1,100 to $1,200 per month by 2029.
In summary, zip code 13413 has demonstrated a trend of increasing homeownership and rising average home prices over the past decade, despite fluctuations in the rental market and recent increases in interest rates. The area's resilience in maintaining high homeownership rates, even in the face of rising home prices and interest rates, suggests a strong local housing market and continued demand for homeownership in this New York community.
