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Zip Code 13167: Consistent Homeownership Amid Rising Average Home Values in Constantia, 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 13167, located in Constantia, New York, presents an intriguing real estate landscape with fluctuating homeownership rates and dynamic pricing trends. Over the past decade, this area has seen a slight decline in homeownership, while average home prices have steadily increased. Average rent prices have shown volatility, reflecting the changing dynamics of the local housing market.
The homeownership rate in zip code 13167 has experienced a gradual decline from 85% in 2013 to 83% in 2022. During this same period, average home prices have shown consistent growth, rising from $129,636 in 2013 to $208,269 in 2022, representing a substantial 60.7% increase. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents, leading to a slight shift towards renting.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership rates remained relatively stable, ranging between 83-85%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership to 83%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 13167 has shown a modest increase, from 13% in 2013 to 17% in 2022. Interestingly, average rent prices have fluctuated significantly during this period. In 2013, the average rent was $1,087, which decreased to $771 in 2016 before rising again to $993 in 2022. These fluctuations could be attributed to changes in housing supply, local economic conditions, or shifts in population demographics.
Looking at more recent data, the average home price in zip code 13167 continued its upward trajectory, reaching $219,713 in 2023 and $231,500 in 2024. This represents a 5.4% increase from 2022 to 2023 and a further 5.4% increase from 2023 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 13167 to continue their upward trajectory, potentially reaching around $275,000 by 2029. Average rent prices are expected to stabilize and show moderate growth, potentially reaching approximately $1,200 per month in the same timeframe.
In summary, zip code 13167 has experienced a gradual shift from homeownership to renting, likely influenced by rising home prices and fluctuating interest rates. The consistent increase in average home prices, coupled with recent sharp rises in interest rates, suggests a challenging environment for potential homebuyers. However, the area's relatively high homeownership rate of 83% indicates a strong preference for owning over renting among residents, despite these economic pressures.
