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Zip Code 13431: Rising Home Values and High Ownership Rates in Poland, 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 13431, located in Poland, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with average home prices showing a steady increase and average rent prices fluctuating over time.
The homeownership rate in zip code 13431 has remained relatively stable, with a slight upward trend from 2013 to 2022. In 2013, 86% of housing units were owner-occupied, and this percentage increased to 89% by 2019. However, there was a slight decrease to 86% in 2022. Concurrently, average home prices in the area have shown consistent growth. In 2013, the average home price was $128,920, and by 2022, it had risen to $205,932, representing a significant increase of approximately 59.7% over this period.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 86% to 89%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, suggesting other factors may have influenced housing decisions in the area.
Renter percentages in zip code 13431 have shown a slight decrease over time, moving from 14% in 2013 to 11% in 2019, before increasing back to 14% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $795, reaching a peak of $853 in 2016 before declining to $663 in 2017. By 2022, the average rent had increased to $729, still below the 2016 peak. These fluctuations in rent prices may be influenced by changes in population, which decreased from 2,090 in 2010 to 1,696 in 2022, potentially affecting housing demand in the area.
Looking at more recent data, average home prices in zip code 13431 continued to rise in 2023 and 2024, reaching $214,521 and $224,576 respectively. This represents a 4.2% increase from 2022 to 2023 and a further 4.7% increase from 2023 to 2024. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13431 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, we project that average home prices could reach approximately $260,000 to $280,000 by 2029. For average rent prices, the forecast suggests a more modest increase, potentially reaching around $800 to $850 per month by 2029, assuming current economic conditions and population trends persist.
In summary, zip code 13431 has maintained a high rate of homeownership despite fluctuations in the housing market and broader economic factors. The area has seen consistent growth in average home prices, with more variable trends in average rent prices. The interplay between federal interest rates, population changes, and housing demand will likely continue to shape the local real estate landscape in the coming years.
