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Zip Code 13332: Rising Home Values and Ownership Rates in Earlville, 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 13332, located in Earlville, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen a general trend of increasing homeownership and fluctuating average home prices, with some interesting dynamics in the rental market. The ownership percentage in zip code 13332 has shown a consistent upward trend, rising from 78% in 2013 to 85% in 2022. This increase in homeownership coincided with a significant rise in average home prices, which grew from $90,113 in 2013 to $145,876 in 2022, representing a 61.9% increase over the period. The relationship between ownership rates and home prices suggests that despite rising costs, more residents were able to enter the housing market.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial increase in homeownership from 78% to 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to climb, reaching 82% by 2019. This trend suggests that other local factors, such as employment opportunities or lifestyle preferences, may have outweighed the impact of rising interest rates on homeownership decisions.
Renter percentages in zip code 13332 have inversely mirrored the homeownership trend, decreasing from 22% in 2013 to 15% in 2022. Interestingly, average rent prices have shown volatility during this period. Starting at $774 in 2013, rents peaked at $905 in 2015 before experiencing fluctuations, ultimately settling at $817 in 2022. The decrease in the renter population, from 634 in 2013 to 430 in 2022, may have contributed to the moderation of rent prices despite the overall increase in property values.
In 2023 and 2024, the housing market in zip code 13332 continued to evolve. Average home prices reached $147,461 in 2023 and further increased to $152,465 in 2024, representing a 3.4% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in zip code 13332 may continue to rise over the next five years, potentially reaching around $175,000 by 2029 if current trends persist. Average rent prices are expected to remain relatively stable, possibly fluctuating between $800 and $850, assuming the current balance between supply and demand in the rental market maintains.
In summary, zip code 13332 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. Despite rising interest rates, the area has seen continued growth in property values, suggesting a robust local housing market. The rental market has shown more volatility, with decreasing renter percentages and fluctuating rent prices. As the community continues to evolve, these trends indicate a shifting landscape in housing preferences and affordability in this New York village.
