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Zip Code 13159: Resilient Homeownership Amid Rising Home Values in Tully, 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 13159, encompassing Tully in New York, presents an intriguing case study of homeownership and housing market trends. This rural area has experienced notable shifts in its real estate landscape over the past decade, with homeownership rates showing a steady increase while average home prices and rent have undergone significant changes.
The homeownership rate in zip code 13159 has shown a consistent upward trend, rising from 79% in 2014 to 83% in 2022. This increase in homeownership coincides with a substantial rise in average home prices, which grew from $154,966 in 2014 to $243,217 in 2022, representing a 57% increase over eight years. This parallel growth suggests a strong correlation between rising home values and the community's increasing preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2014 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the increased homeownership rates observed during this time. As interest rates remained low, more residents of zip code 13159 may have found homeownership financially accessible, explaining the rise from 79% ownership in 2014 to 82% by 2020.
Conversely, the percentage of renters in zip code 13159 has remained relatively stable, fluctuating between 17% and 20% from 2013 to 2022. However, average rent prices have experienced dramatic changes. In 2013, the average rent was $714, which increased moderately to $827 by 2016. A significant jump occurred in 2017, with average rent soaring to $1,381, and it peaked at $1,592 in 2018. Since then, average rent has slightly decreased, settling at $1,461 in 2022. These rent fluctuations, particularly the sharp increase in 2017, do not appear to have significantly impacted the overall renter population, suggesting other factors such as local employment opportunities or housing availability may be influencing renter decisions.
Looking at the most recent data, average home prices in zip code 13159 continued their upward trajectory, reaching $258,648 in 2023 and $274,288 in 2024. This represents a 12.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen substantially, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 13159 to continue rising, potentially reaching around $320,000 by 2029. This projection is based on the consistent growth observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially stabilizing around $1,600 to $1,700 per month by 2029, assuming the local economy remains stable and no significant changes occur in housing supply or demand.
In summary, zip code 13159 has demonstrated a robust trend towards increased homeownership, with rates rising from 79% to 83% between 2014 and 2022. This trend has been accompanied by substantial growth in average home prices, which have nearly doubled from $154,761 in 2010 to $274,288 in 2024. The rental market has shown more volatility, with significant spikes in average rent prices, particularly in 2017 and 2018, before stabilizing around $1,460 in recent years. The interplay between federal interest rates, homeownership rates, and housing prices in this area provides valuable insights into the dynamics of rural real estate markets and community preferences for housing tenure.
