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Zip Code 13319: Chadwicks's Rising Home Values and Ownership Dynamics
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 13319, located in Chadwicks, New York, presents an intriguing case study of homeownership and housing market dynamics in a small community. Over the past decade, this area has experienced fluctuations in both ownership percentages and average home prices, with a general trend towards increasing property values despite varying occupancy patterns.
The homeownership rate in zip code 13319 has shown notable variability between 2013 and 2022. Starting at 59% in 2013, it reached a peak of 65% in 2017 before settling at 56% in 2022. This fluctuation coincides with changes in average home prices, which have demonstrated a consistent upward trend. In 2010, the average home price was $91,982, and by 2022, it had increased significantly to $150,712, representing a 63.8% rise over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low from 2010 to 2015, hovering between 0.09% and 0.18%, homeownership rates increased from 54% in 2014 to 55% in 2015. However, when interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but ultimately remained stable at 56% from 2020 to 2022. This suggests that while interest rates play a role, other local factors may have a stronger influence on homeownership decisions in this specific area.
Renter percentages and average rent prices in zip code 13319 have also shown notable trends. The percentage of renters fluctuated from 40% in 2013 to a high of 46% in 2014, before settling at 44% in 2022. Correspondingly, average rent prices have generally increased over time, rising from $924 in 2013 to $896 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,038. These trends suggest a relatively stable rental market with moderate price growth, possibly influenced by the area's modest population changes.
In 2023 and 2024, the housing market in zip code 13319 continued its upward trajectory. The average home price reached $155,957 in 2023 and further increased to $160,354 in 2024, representing a 3.5% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet the local housing market has shown resilience in maintaining price growth.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices for zip code 13319 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $185,000 by 2029. Average rent prices are expected to grow at a slightly slower pace of 2-3% per year, potentially reaching about $1,000 per month by 2029. These projections assume relatively stable economic conditions and continued demand for housing in the area.
In summary, zip code 13319 has demonstrated a resilient housing market with steadily increasing average home prices despite fluctuations in homeownership rates. The rental market has remained relatively stable with moderate price growth. Despite recent increases in interest rates, the area's housing market continues to show strength, with projections indicating further growth in both home prices and rents over the next five years.
