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Zip Code 12413: Average Home Values and Ownership Trends in Cairo, New York
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 12413, located in Cairo, New York, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area, with a population of 3,056 in 2022, has seen a general upward trend in both average home prices and homeownership rates, while average rent prices have shown more variability.
The homeownership rate in zip code 12413 has shown an overall increase from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 64%, which rose to 66% by 2022. During this period, average home prices also experienced a substantial increase. In 2013, the average home price was $138,671, which steadily climbed to $245,149 by 2022, representing a 76.8% increase over nine years. This correlation suggests that rising home values have not deterred homeownership in the area, possibly indicating strong local economic conditions or a desire for property investment among residents.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates in zip code 12413 fluctuated but generally remained above 60%. The lowest homeownership rate of 58% in 2016 coincided with a slight increase in interest rates to 0.4%. As interest rates began to rise more significantly in 2022 to 1.68%, the homeownership rate in the zip code held steady at 66%, suggesting a resilient local housing market.
Renter percentages and average rent prices in zip code 12413 have shown an inverse relationship to homeownership trends. The percentage of renters decreased from 36% in 2013 to 34% in 2022. During this period, average rent prices fluctuated considerably. In 2013, the average rent was $1,080, which decreased to $883 in 2014 before rising again to $1,102 in 2022. The population changes during this period, from 2,632 in 2013 to 3,056 in 2022, may have influenced these rental market dynamics, potentially creating more demand for rental properties despite the overall trend towards homeownership.
In 2023 and 2024, the housing market in zip code 12413 continued to show strength. The average home price rose to $257,062 in 2023 and further increased to $266,503 in 2024, representing a 8.7% growth over two years. This growth occurred despite a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $350,000 by 2029. Average rent prices are expected to rise more modestly, at about 2-3% per year, potentially reaching $1,250-$1,300 by 2029. These projections assume continued economic stability and a sustained demand for housing in the area.
In summary, zip code 12413 has demonstrated a strong housing market characterized by increasing homeownership rates and rising average home prices. Despite fluctuations in the rental market and significant increases in federal interest rates, the area has maintained a trend towards homeownership. The consistent growth in home values, even in the face of higher interest rates, suggests a desirable location with potential for continued appreciation in the real estate market.
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