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Zip Code 13063: Rising Home Values and Ownership Rates in Rural New York Village
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 13063, located in Fabius, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area, covering 41.53 square miles, has seen a significant increase in homeownership and average home prices, alongside fluctuating rental markets.
The trend of homeownership in zip code 13063 has shown a remarkable upward trajectory. In 2013, the area had an 86% homeownership rate, which steadily increased to reach 94% by 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $141,046, and by 2022, it had risen to $235,460, representing a 67% increase over this period. This strong positive correlation between homeownership rates and average home prices suggests a growing demand for owned properties in the area.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, this area saw its highest homeownership rates during periods of both low and rising interest rates. For instance, the homeownership rate increased from 91% in 2019 to 94% in 2022, even as interest rates rose from 2.16% to 1.68% during this period. This suggests that local factors may be playing a more significant role in driving homeownership than national interest rate trends.
Conversely, the renter percentage in zip code 13063 has decreased significantly, from 14% in 2013 to just 6% in 2022. This decline in renters has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $742, which increased to $1,059 in 2016, then dropped to $693 in 2017, before rising again to $1,083 in 2022. The volatility in rent prices, coupled with the decreasing renter population, suggests a shifting rental market that may be influenced by the area's declining overall population, which fell from 2,433 in 2018 to 2,157 in 2022.
As of 2024, the average home price in zip code 13063 has reached $274,274, a substantial increase from $254,607 in 2023. This continued upward trend in home prices occurs alongside a federal interest rate of 5.33% in 2024, up from 5.02% in 2023. These figures indicate a robust housing market that has maintained its growth trajectory despite rising interest rates.
Looking ahead, predictive models suggest that the strong upward trend in average home prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $350,000 by 2029. The rental market, however, may see more modest growth, with average rent prices potentially stabilizing around $1,200 to $1,300 per month, assuming the current trends persist.
In summary, zip code 13063 has demonstrated a clear shift towards homeownership, with a corresponding increase in average home prices. The area has bucked national trends by showing increased homeownership even during periods of rising interest rates. The rental market has become smaller but more volatile, potentially influenced by population changes. With continued growth in home prices and a shrinking rental market, this zip code appears to be evolving into a predominantly owner-occupied area with a strong housing market.
