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Zip Code 13165: Rising Home Values and High Ownership Rates in Waterloo, 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
Waterloo, located in zip code 13165 in New York State, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its rich history and charming small-town atmosphere, has seen fluctuations in ownership percentages, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 13165 has shown remarkable stability over the years, with slight fluctuations. In 2013, the ownership rate stood at 76%, gradually decreasing to 70% by 2015. However, it rebounded to 74% in 2020 and settled at 71% in 2022. Concurrently, average home prices have demonstrated a steady upward trajectory. From 2013 to 2022, average home prices increased significantly, rising from $87,781 to $147,085, representing a substantial 67.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is notable. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate in zip code 13165 remained relatively stable, fluctuating between 70% and 76%. This stability in homeownership during a period of low interest rates suggests that favorable financing conditions helped maintain a high rate of homeownership in the area.
Renter percentages in zip code 13165 have shown an inverse relationship to homeownership rates, naturally fluctuating between 24% and 30% from 2013 to 2022. Interestingly, average rent prices have experienced more volatility compared to homeownership rates. Average rent increased from $746 in 2013 to $999 in 2019, a significant 33.9% rise. However, it then decreased to $814 in 2022, possibly influenced by the area's declining population, which dropped from 10,537 in 2013 to 9,833 in 2022.
In 2023 and 2024, zip code 13165 has continued to see growth in average home prices, reaching $155,679 in 2023 and $162,216 in 2024. This represents a 10.3% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates since 2007.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 13165 over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $190,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $950 per month in the same timeframe.
In summary, zip code 13165 has maintained a relatively stable homeownership rate despite fluctuations in the housing market. The area has seen significant growth in average home prices, particularly in recent years, while rent prices have shown more variability. The interplay between federal interest rates, local population trends, and housing market dynamics continues to shape the real estate landscape in this New York village.
