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Zip Code 13108: Rising Home Values and Declining Ownership in Marcellus, 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 13108, located in Marcellus, New York, presents an interesting case study of homeownership and rental trends over the past decade. This area has experienced significant fluctuations in both ownership percentages and average home prices, with a general trend towards increasing property values and a slight shift towards renting in recent years.
The homeownership rate in zip code 13108 has shown a gradual decline from 2013 to 2022. In 2013, the area boasted an 81% homeownership rate, which peaked at 84% in 2015 and 2016. However, by 2022, this figure had decreased to 76%. Concurrently, average home prices in the area have seen a steady increase. In 2013, the average home price was $157,084, which rose to $247,256 by 2022, representing a substantial 57.4% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 13108. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which coincided with the highest homeownership rates in the area (81-84%). As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, we observed a corresponding decline in homeownership rates, dropping to 76% by 2022.
The renter population in zip code 13108 has shown an inverse relationship to homeownership trends. In 2013, only 19% of the population were renters, but this figure increased to 24% by 2022. Average rent prices have also experienced significant fluctuations. In 2013, the average rent was $754, which rose to a peak of $1,036 in 2021 before slightly decreasing to $841 in 2022. This represents an overall increase of 11.5% in average rent from 2013 to 2022, despite the recent dip.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 13108. The average home price reached $270,091 in 2023 and further increased to $289,775 in 2024, representing a 17.2% increase from 2022 to 2024. This sharp rise coincides with a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and homeownership rates.
Looking ahead, our predictive models suggest that average home prices in zip code 13108 will continue to rise over the next five years, albeit at a potentially slower rate due to the high interest rate environment. We anticipate average home prices could reach around $330,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,200 per month by 2029, driven by increased demand for rentals as homeownership becomes less affordable for some residents.
In summary, zip code 13108 has experienced a gradual shift towards renting, with homeownership rates declining from 84% to 76% between 2015 and 2022. This trend has occurred alongside substantial increases in both average home prices and rent rates. The area has shown resilience in property values, with average home prices rising by 57.4% from 2013 to 2022, and continuing to climb in 2023 and 2024. These trends, coupled with rising interest rates, suggest a changing housing landscape in the area, with potential implications for affordability and community demographics in the coming years.
