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Zip Code 13068: Freeville's Rising Home Values and Shifting Ownership Trends
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 13068, located in Freeville, New York, presents an interesting case study in homeownership and rental trends. Over the past decade, this area has experienced fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local market dynamics. The homeownership rate in zip code 13068 has shown a slight decline over the years, starting at 70% in 2015 and dropping to 67% by 2022. This trend coincides with a steady increase in average home prices, which rose from $165,717 in 2015 to $245,519 in 2022, representing a significant 48% increase over seven years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. For instance, the period from 2015 to 2016 saw a slight decrease in homeownership from 70% to 68%, coinciding with an increase in federal interest rates from 0.13% to 0.40%. Conversely, the lower interest rates of 0.38% in 2020 and 0.08% in 2021 corresponded with a stabilization of homeownership at 66%, despite rising home prices. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 13068 have shown a corresponding increase, rising from 30% in 2015 to 33% in 2022. Average rent prices have also experienced an upward trend, increasing from $921 in 2015 to $898 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $951. The population in the area has remained relatively stable, with a slight decrease from 6,996 in 2015 to 6,529 in 2022, which may have contributed to the moderate changes in rental demand and pricing.
In 2023 and 2024, the housing market in zip code 13068 continued its upward trajectory. The average home price reached $256,877 in 2023 and further increased to $268,550 in 2024, representing a 9.4% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 13068 could potentially reach around $300,000 by 2029. Average rent prices might see a more moderate increase, potentially approaching $1,000 per month within the same timeframe.
In summary, zip code 13068 has experienced a gradual shift towards a higher percentage of renters, driven by increasing home prices and fluctuating interest rates. The area has shown resilience in its housing market, with consistent growth in property values even in the face of economic changes. As the community moves forward, it will be crucial to monitor how these trends impact housing affordability and the overall composition of the local real estate market.
