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Zip Code 13403: Rising Home Values and Shifting Ownership Patterns in Marcy, New York
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 13403, located in Marcy, New York, presents an interesting case study of homeownership and housing market dynamics. Over the past decade, this area has experienced notable shifts in its ownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 13403 has shown a gradual decline from 2013 to 2022. In 2013, 85% of housing units were owner-occupied, but by 2022, this figure had decreased to 81%. Concurrently, average home prices in the area have seen significant growth. In 2013, the average home price was $153,375, which steadily increased to $244,705 by 2022, representing a substantial 59.5% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 13403. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, fluctuating between 84% and 87%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, a more noticeable decline in homeownership rates became apparent, dropping from 84% in 2017 to 81% in 2022.
The rental market in zip code 13403 has shown interesting trends as well. As homeownership rates declined, the percentage of renter-occupied units increased from 14% in 2013 to 19% in 2022. Despite this increase in demand, average rent prices have shown some volatility. In 2013, the average rent was $817, which peaked at $912 in 2014 before experiencing fluctuations. By 2022, the average rent had settled at $782, slightly lower than the 2013 figure. This trend suggests that while more residents are renting, other factors such as local economic conditions or housing supply may be moderating rent increases.
Looking at the most recent data, average home prices in zip code 13403 continued to rise in 2023 and 2024, reaching $254,360 and $265,768 respectively. This represents a further 8.6% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13403 will continue to rise, potentially reaching around $300,000 by 2029. However, the rate of increase may slow down due to higher interest rates and potential market corrections. For rent prices, we expect a moderate upward trend, potentially reaching an average of $850-$900 per month by 2029, assuming economic conditions remain stable and housing supply keeps pace with population growth.
In summary, zip code 13403 has experienced a gradual shift towards more renter-occupied housing units over the past decade, coinciding with significant increases in average home prices. The interplay between federal interest rates, local economic factors, and housing market dynamics has shaped these trends. Moving forward, the area is likely to see continued growth in property values and a potential stabilization of the rental market, though these projections are subject to broader economic influences and local market conditions.
