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Zip Code 13053: Rising Home Values and Stable Ownership in Dryden, 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 13053, located in Dryden, New York, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and a relatively stable homeownership rate, with some fluctuations in recent years.
The homeownership rate in zip code 13053 has remained relatively stable, with a slight overall increase from 71% in 2013 to 72% in 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $154,128, which steadily increased to $240,402 by 2022, representing a substantial 56% increase over nine years. This trend suggests a growing demand for housing in the area, potentially driven by factors such as local economic growth or the area's desirability for residents.
Federal interest rates have played a role in homeownership trends in zip code 13053. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 71% to 74%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized around 72-75%, suggesting that other local factors may have helped maintain homeownership levels despite increasing borrowing costs.
Renter percentages in zip code 13053 have fluctuated inversely to homeownership rates, ranging from a low of 24% in 2015 to a high of 29% in 2013 and 2019. Average rent prices have shown a general upward trend, increasing from $733 in 2013 to $1,016 in 2022, a 38.6% increase. This rise in average rent prices has outpaced inflation and may be attributed to factors such as increased demand for rental properties, improvements in rental stock, or overall economic growth in the area. The population in zip code 13053 has also grown from 4,278 in 2013 to 5,055 in 2022, which may have contributed to the increased demand for both owned and rented housing.
As of 2024, the average home price in zip code 13053 has reached $264,198, continuing the upward trend observed in previous years. This represents a 10% increase from the 2022 average of $240,402. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates seen in the early 2010s. This higher interest rate environment may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current economic conditions, it's projected that average home prices in zip code 13053 will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume continued population growth and economic stability in the area.
In summary, zip code 13053 has demonstrated a resilient housing market with steadily increasing property values and relatively stable homeownership rates. The area has seen significant growth in both average home prices and average rent prices, outpacing inflation. While higher interest rates may pose challenges for potential homebuyers, the consistent upward trend in property values suggests ongoing demand for housing in this New York village. The interplay between homeownership rates, housing prices, and rental markets will likely continue to shape the local real estate landscape in the coming years.
