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Zip Code 13131 in Parish, NY: 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 13131, located in Parish, New York, presents an intriguing case study of homeownership and housing market dynamics. This area has experienced notable fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 13131 has shown a slight decline from 2013 to 2022, moving from 87% to 84%. During this same period, average home prices have demonstrated a consistent upward trend. In 2013, the average home price was $101,093, which steadily increased to $168,951 by 2022, representing a significant 67.1% growth over nine years. This inverse relationship between homeownership rates and home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable at around 85-87%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a slight decrease in homeownership to 84%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 13131 have shown a modest increase from 13% in 2013 to 16% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $726, which peaked at $830 in 2018 before declining to $734 in 2022. This trend doesn't show a strong correlation with the increasing renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rental market dynamics.
Looking at the most recent data, the average home price in zip code 13131 reached $177,009 in 2023 and further increased to $183,586 in 2024. This represents a continued upward trajectory in property values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13131 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $220,000 to $230,000, assuming a moderate annual growth rate of 3-4%. Rent prices are expected to show modest growth, potentially reaching an average of $800-$850 per month by 2029, factoring in historical fluctuations and local market conditions.
In summary, zip code 13131 has experienced a gradual shift towards slightly lower homeownership rates amidst rising property values over the past decade. The interplay between federal interest rates, home prices, and rental market dynamics has shaped the local housing landscape. While homeownership remains high at 84%, the area has seen a small but notable increase in renters. As property values continue to appreciate and interest rates remain elevated, it will be crucial to monitor how these factors influence housing affordability and market accessibility in the coming years.
