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Zip Code 13328: Rising Home Values and Ownership Rates in Oriskany Falls, 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 13328, located in Oriskany Falls, New York, presents an intriguing case study of homeownership and housing market trends. This small community has experienced significant shifts in its housing landscape over the past decade, with homeownership rates showing a marked increase and average home prices demonstrating substantial growth.
The ownership percentage in this zip code has seen a notable upward trend, rising from 79% in 2013 to an impressive 89% in 2022. This increase in homeownership has coincided with a substantial rise in average home prices. In 2013, the average home price in the area was $122,406, but by 2022, it had climbed to $209,946, representing a 71.5% increase over nine years. This correlation suggests that as property values appreciated, more residents were motivated to invest in homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 13328. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, hovering around 79-80%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area surprisingly continued to increase, reaching 89% by 2022. This unusual trend suggests that other local factors may have been influential in driving homeownership despite rising interest rates.
The rental market in zip code 13328 has experienced inverse trends to homeownership. As the percentage of renters decreased from 21% in 2013 to 11% in 2022, average rent prices also showed a general decline. In 2013, the average rent was $929, which decreased to $800 by 2022, representing a 13.9% reduction. This trend could be attributed to the shrinking pool of renters in the area, potentially leading to less competition for rental properties and subsequently lower prices.
Looking at more recent data, the average home price in zip code 13328 continued its upward trajectory, reaching $214,192 in 2023 and $225,546 in 2024. This represents a further 7.4% increase from 2022 to 2024. Interestingly, this growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This sustained price growth in the face of higher interest rates suggests strong local demand for housing in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13328 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project that by 2029, average home prices could reach approximately $275,000 to $300,000, assuming a moderate annual growth rate of 4-6%. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents potentially reaching $850 to $900 by 2029, reflecting a modest 1-2% annual growth from current levels.
In summary, zip code 13328 has demonstrated a strong trend towards homeownership, with a significant increase in ownership rates and average home prices over the past decade. This trend has persisted even in the face of rising interest rates, suggesting robust local demand for housing. The rental market has conversely seen a decrease in both the percentage of renters and average rent prices. Looking forward, the area is poised for continued growth in home values, while the rental market may see modest increases after a period of decline.
