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Zip Code 13118: Resilient Homeownership Amid Rising Home Values in Moravia, 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 13118, located in Moravia, New York, presents an intriguing landscape of homeownership and housing market dynamics. This rural area has experienced fluctuations in its ownership percentages and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 13118 has remained relatively stable, hovering around 80% throughout the observed period. In 2013, the homeownership rate stood at 83%, and by 2022, it was 82%. This slight decrease coincides with a significant increase in average home prices. In 2013, the average home price was $125,463, which rose steadily to reach $204,541 by 2022, representing a 63% increase over nine years. This trend suggests that while home values have appreciated considerably, it hasn't drastically altered the proportion of homeowners in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 13118. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained high, between 79% and 83%. As interest rates began to rise more notably from 2017 (1%) to 2019 (2.16%), there was a slight fluctuation in homeownership rates, but they remained relatively stable. This stability in homeownership despite rising interest rates may indicate other factors at play, such as a strong local preference for owning over renting or limited rental options in this rural area.
The renter population in zip code 13118 has shown some variability, with the percentage of renters ranging from 16% to 21% between 2013 and 2022. Interestingly, average rent prices have increased overall during this period, albeit with some fluctuations. In 2013, the average rent was $737, which increased to $822 by 2022, representing an 11.5% increase. However, it's worth noting that rent prices peaked at $972 in 2021 before decreasing in 2022. This trend in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may be influencing renting patterns in the area.
As of 2024, the average home price in zip code 13118 has reached $223,012, continuing the upward trend observed in previous years. This represents a 9% increase from the 2022 average of $204,541. Concurrently, the federal interest rate in 2024 stands at 5.33%, a significant increase from the 1.68% rate in 2022. This higher interest rate environment may impact future homebuying decisions and potentially influence the balance between owning and renting in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 13118 may continue to rise over the next five years, potentially reaching around $260,000 by 2029. This projection assumes a continuation of the steady appreciation seen in recent years. For rent prices, if the trend of moderate increases resumes after the 2022 dip, we might expect average rents to climb to approximately $900-$950 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 13118 has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience in its ownership patterns even as federal interest rates have fluctuated. Rent prices and renter percentages have shown some variability, but without a clear correlation. The continued rise in home prices, coupled with higher interest rates, may present challenges for new homebuyers in the coming years, potentially influencing the long-standing homeownership trends in this rural New York community.
