Loading Content...
Rising Home Values and Stable Ownership in Zip Code 13810: Mount Vision's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mount Vision, located in zip code 13810 in New York, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This area has seen a general increase in average home prices, while homeownership rates have remained relatively stable with slight variations. The average rent prices have also shown an upward trend, reflecting the changing dynamics of the local housing market.
The homeownership rate in zip code 13810 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 86%, and by 2022, it stood at 81%. During this period, average home prices showed a steady upward trend. In 2013, the average home price was $116,590, which increased to $186,424 by 2022, representing a significant 59.9% increase over nine years. This trend suggests that despite rising home prices, the community has maintained a relatively high rate of homeownership.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained high, between 82% and 86%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership, dropping to 80% in 2019. However, when interest rates dropped again in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 84% and 81% respectively, demonstrating the influence of lower interest rates on homeownership.
The renter population in zip code 13810 has shown slight variations over the years, with the percentage of renters increasing from 14% in 2013 to 19% in 2022. This change coincided with a notable increase in average rent prices. In 2013, the average rent was $750, which rose to $819 by 2022, representing a 9.2% increase. The population also grew during this period, from 1,355 in 2013 to 1,604 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 13810 continued its upward trajectory. The average home price reached $193,756 in 2023 and further increased to $201,496 in 2024, marking a 3.9% year-over-year growth. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, highlighting the strong demand for housing in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 13810 will continue to rise over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, possibly reaching $950 to $1,000 per month in the same timeframe, assuming consistent economic conditions and population growth.
The analysis of zip code 13810 reveals a resilient housing market with steadily increasing home values and rent prices. Despite fluctuations in federal interest rates, homeownership rates have remained relatively stable, indicating a strong preference for homeownership in the community. The gradual increase in the renter population, coupled with rising rent prices, suggests a growing demand for rental properties. As the area continues to grow, both in population and housing values, it is likely to maintain its appeal for both homeowners and renters, with a continued trend of appreciating property values and rental rates in the coming years.
