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Zip Code 13101: Average Home Values and Ownership Trends in McGraw, 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 13101, encompassing McGraw in New York, presents an intriguing case study of homeownership and housing market dynamics. Over the past decade, this area has maintained a consistently high rate of owner-occupied homes, hovering around 77-79%. The average home prices have shown a steady upward trend, while average rent prices have fluctuated with a general upward trajectory.
The relationship between homeownership rates and average home prices in zip code 13101 reveals a resilient market. From 2013 to 2022, the percentage of owner-occupied homes remained relatively stable, ranging from 76% to 79%. During this same period, average home prices increased significantly, rising from $96,933 in 2013 to $150,044 in 2022, representing a 54.8% increase. Notably, the homeownership rate reached its peak of 79% in both 2014 and 2022, coinciding with substantial increases in average home prices.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in zip code 13101 remained high, between 77% and 79%. As interest rates began to rise more significantly from 2017 onwards, reaching 2.16% in 2019, the homeownership rate showed slight fluctuations but remained robust, demonstrating the area's strong preference for homeownership despite changing financial conditions.
The rental market in zip code 13101 has shown interesting trends in relation to the percentage of renters and average rent prices. The proportion of renters fluctuated between 21% and 24% from 2013 to 2022. Average rent prices saw notable changes during this period. Starting at $660 in 2013, rents peaked at $727 in 2016 when the renter percentage was 22%. Interestingly, as the population declined from 2,464 in 2014 to 2,105 in 2022, average rent prices experienced some volatility, dropping to $618 in 2018 before rising again to $678 in 2022.
In 2023 and 2024, the housing market in zip code 13101 continued its upward trajectory. The average home price reached $156,726 in 2023 and further increased to $160,774 in 2024, representing a 7.1% growth over these two years. This growth occurred despite a significant rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, highlighting the strong demand for housing in this area even in a higher interest rate environment.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices for zip code 13101 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $190,000 by 2029. Average rent prices are expected to grow at a more moderate pace of 2-3% per year, potentially reaching about $780 by 2029.
In summary, zip code 13101 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in the rental market and rising interest rates, the area has maintained strong housing demand. The consistent growth in average home prices, even in the face of demographic changes and economic shifts, suggests a resilient and attractive real estate market in this New York village.
