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Zip Code 13406: Rising Home Values and Ownership Rates in Middleville, 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 13406, located in Middleville, New York, has experienced significant changes in homeownership rates and property values over the past decade. This small community, with a population of 317 in 2022, has seen a notable shift towards homeownership and fluctuating average home and rent prices.
The ownership percentage in zip code 13406 has shown a strong upward trend, increasing from 83% in 2013 to 94% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $88,639, and by 2022, it had risen to $145,360, representing a 64% increase over nine years. This trend suggests a growing preference for homeownership in the area, possibly driven by the perceived value of real estate investments.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 83% to 89%. As interest rates began to rise in 2022 to 1.68%, homeownership rates continued to climb, reaching 94%, indicating a strong desire for homeownership despite increasing borrowing costs.
The renter percentage in zip code 13406 has declined significantly, from 16% in 2013 to just 5% in 2022. This decrease in renters corresponds with fluctuations in average rent prices. In 2013, the average rent was $890, peaking at $942 in 2015, and then declining to $898 in 2022. The decrease in renters could be attributed to the relatively stable population (266 in 2013 to 317 in 2022) combined with the increasing preference for homeownership.
In 2023 and 2024, the average home prices in zip code 13406 continued to rise, reaching $151,326 in 2023 and $159,692 in 2024. This represents a 4.1% increase from 2022 to 2023 and a further 5.5% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 13406 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We estimate that by 2029, average home prices could reach approximately $185,000 to $200,000. Average rent prices, which have been more volatile, may stabilize or increase slightly, potentially reaching $950 to $1,000 by 2029.
In summary, zip code 13406 has experienced a significant shift towards homeownership, with ownership rates increasing from 83% to 94% between 2013 and 2022. This trend has been accompanied by a substantial increase in average home prices, rising from $88,639 to $159,692 between 2013 and 2024. The renter population has decreased dramatically, while average rent prices have fluctuated. Despite rising interest rates, the area continues to see growth in property values, suggesting a strong local real estate market.
