Zip code 13208, located in Syracuse, New York, has experienced significant changes in its housing market over the past decade. This area has maintained a relatively stable balance between homeowners and renters, with a slight inclination towards renter-occupied housing. From 2013 to 2022, the homeownership rate in zip code 13208 remained fairly consistent, fluctuating between 44% and 46%. Despite this stability, average home prices saw a substantial increase during this period. In 2013, the average home price was $60,944, which steadily rose to $119,790 by 2022, representing a remarkable 96.6% increase over nine years. This trend suggests that while the proportion of homeowners remained relatively stable, the value of owned properties significantly appreciated.

Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period coincided with the steady increase in average home prices, as lower interest rates typically make mortgages more affordable and encourage home buying. However, the homeownership rate in zip code 13208 did not significantly increase during this time, suggesting that other local factors may have influenced housing decisions.

Renter occupancy in the zip code has been slightly higher than owner occupancy, ranging from 54% to 56% between 2013 and 2022. The average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $748, which increased to $1,002 by 2022, representing a 33.9% rise. This increase in rent prices, while significant, was less dramatic than the surge in home prices. The population in the zip code remained relatively stable during this period, fluctuating between 21,785 and 22,374 residents, which suggests that the rising rent prices were not primarily driven by population growth but rather by other market factors.