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Zip Code 13088: Rising Home Values and Stable Ownership in Galeville, 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 13088, located in Galeville, New York, has experienced notable shifts in homeownership and housing prices over the past decade. This area has maintained a relatively stable population, with a slight decrease from 22,507 in 2010 to 22,023 in 2022. The ownership percentage has shown a gradual increase, while average home prices have risen significantly, particularly in recent years.
The homeownership rate in zip code 13088 has demonstrated a steady upward trend, increasing from 56% in 2013 to 58% in 2022. This growth in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $117,791, which has since escalated to $190,874 in 2022, representing a 62% increase over this period. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $149,966 to $190,874, a 27% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low rates corresponded with the gradual increase in homeownership rates, as more affordable financing options were available to potential buyers. The sharp drop in interest rates to 0.08% in 2021 likely contributed to the peak homeownership rate of 61% observed in 2020.
Renter percentages in zip code 13088 have shown a slight decline, from 42% in 2013 to 42% in 2022, with some fluctuations in between. Average rent prices have generally increased over this period, rising from $1,044 in 2013 to $1,135 in 2022, an 8.7% increase. However, rent prices have not followed a consistent upward trajectory, with some years showing decreases. For instance, average rent dropped from $1,045 in 2015 to $994 in 2016, before gradually climbing again. The population remained relatively stable during this period, suggesting that changes in rent prices were more likely influenced by market factors rather than significant demographic shifts.
In 2023 and 2024, the housing market in zip code 13088 continued its upward trajectory. The average home price reached $211,158 in 2023 and further increased to $227,595 in 2024, representing a 19.2% growth over these two years. This surge occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on the observed trends, we can forecast continued growth in average home prices for zip code 13088 over the next five years. Projecting the current trajectory, average home prices could potentially reach around $275,000 to $300,000 by 2029. For rent prices, the trend suggests a more moderate increase, potentially reaching an average of $1,300 to $1,400 per month in the same timeframe.
The most significant discoveries for zip code 13088 include the consistent increase in homeownership rates despite rising home prices, the substantial growth in average home values particularly from 2020 onwards, and the more moderate but generally upward trend in rent prices. The resilience of the housing market in the face of recent interest rate hikes is particularly noteworthy, suggesting strong underlying demand in this area. These trends point towards a continuing robust housing market in zip code 13088, with potential for further appreciation in both home values and rent prices in the coming years.
