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Zip Code 13044: Rising Home Values and Ownership in Constantia, 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 13044, located in Constantia, New York, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a notable increase in owner-occupied housing, coupled with fluctuating average home and rent prices.
The ownership percentage in zip code 13044 has shown a strong upward trend, rising from 81% in 2013 to an impressive 95% in 2022. This substantial increase in homeownership coincides with a steady rise in average home prices. In 2013, the average home price was $124,505, which grew to $199,545 by 2022, representing a 60.3% increase over nine years. This correlation suggests that as property values appreciated, more residents were motivated to invest in homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 13044. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the increased homeownership rates. As interest rates remained low, financing became more affordable, encouraging more residents to purchase homes. The sharp rise in homeownership from 86% in 2020 to 95% in 2022 occurred despite a slight increase in interest rates to 1.68% in 2022, indicating strong local demand for homeownership.
Conversely, the percentage of renters in zip code 13044 has decreased significantly, from 19% in 2013 to just 5% in 2022. Interestingly, average rent prices have shown a generally downward trend during this period. The average rent peaked at $961 in 2013 and decreased to $908 by 2022, a 5.5% reduction. This decline in rent prices, coupled with the decreasing renter population, suggests a shift in the local housing market favoring homeownership over renting.
In 2023 and 2024, the housing market in zip code 13044 continued to evolve. The average home price rose to $208,042 in 2023 and further increased to $219,877 in 2024, representing a 10.2% 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 higher interest rates have not yet appeared to dampen the local housing market's growth.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue in zip code 13044 over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or see slight increases as the rental market adjusts to the reduced supply of rental properties. However, the strong preference for homeownership in this area is expected to persist.
In summary, zip code 13044 has witnessed a remarkable increase in homeownership rates, rising from 81% to 95% between 2013 and 2022. This trend has been accompanied by a significant appreciation in average home values and a decline in the renter population and average rent prices. The area's housing market has shown resilience in the face of recent interest rate hikes, with continued growth in home prices through 2024. These trends paint a picture of a community increasingly focused on homeownership, with property values that continue to appreciate despite broader economic factors.
