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Zip Code 13045: Rising Home Values and Shifting Ownership Patterns in Cortland West, 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 13045, located in Cortland West, New York, presents an interesting case study of housing trends over the past decade. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 13045 has remained relatively stable, hovering around 58% from 2013 to 2022. However, there have been slight variations, with the rate reaching a peak of 59% in 2014 and 2018, and dipping to its lowest point of 56% in 2022. Interestingly, these changes in homeownership rates have occurred against a backdrop of steadily increasing average home prices. In 2013, the average home price was $111,499, which has since risen consistently, reaching $168,282 by 2022. This represents a substantial increase of 50.9% over the nine-year period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2015 (ranging from 0.09% to 0.13%), homeownership rates remained stable at 58-59%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed a slight decrease in homeownership to 56%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 13045 have shown a slight upward trend, increasing from 41% in 2014 to 44% in 2022. This increase in renters coincides with a significant rise in average rent prices. In 2013, the average rent was $762, which increased to $841 by 2022, representing a 10.4% increase. It's worth noting that rent prices peaked at $1,047 in 2021 before declining in 2022. The population of the area has decreased from 30,050 in 2013 to 28,159 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, average home prices in zip code 13045 continued to rise, reaching $177,567 in 2023 and $184,663 in 2024. This represents a 9.7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13045 will continue to rise, potentially reaching around $210,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 13045 has experienced a steady increase in average home prices despite fluctuations in homeownership rates. The rental market has seen both an increase in the percentage of renters and average rent prices, with some volatility in recent years. The area's declining population, coupled with rising home prices and rents, suggests a changing housing landscape that may continue to evolve in the coming years.
