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Zip Code 13439: Rising Home Values and Ownership Trends in Rural Schuyler Lake, 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 13439, located in Schuyler Lake, New York, presents an intriguing case study of housing trends in a rural setting. This area, covering 92.12 square miles, has experienced fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, coupled with a significant rise in average home prices, while average rent prices have shown more modest growth.
From 2013 to 2022, the homeownership rate in zip code 13439 experienced a slight overall increase, moving from 79% to 77%. During this same period, average home prices saw a substantial rise. In 2013, the average home price was $114,974, which steadily increased to $186,028 by 2022, representing a 61.8% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
The federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 13439 fluctuated slightly but remained relatively stable, ranging from 74% to 77%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight increase in homeownership, reaching 76% by 2019. This trend aligns with the general principle that lower interest rates encourage homeownership, as seen in the relatively stable ownership rates during the low-interest period.
Examining renter percentages and average rent prices reveals an interesting dynamic. The percentage of renters decreased slightly from 26% in 2016 to 23% in 2022. However, average rent prices showed an overall upward trend, increasing from $742 in 2016 to $746 in 2022, with some fluctuations in between. The highest average rent was recorded in 2018 at $803. These trends occurred against a backdrop of varying population levels, with the population decreasing from 3,988 in 2016 to 3,832 in 2022, which may have influenced the rental market dynamics.
Looking at more recent data, the average home price in zip code 13439 continued its upward trajectory, reaching $193,714 in 2023 and further increasing to $203,618 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the early 2020s.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13439 will continue to rise, potentially reaching around $240,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching about $830 by 2029, assuming the trend of slight annual increases continues.
In summary, zip code 13439 demonstrates a resilient housing market characterized by high homeownership rates and steadily increasing home values. Despite rising home prices and recent increases in interest rates, the area has maintained a strong preference for homeownership. The rental market, while smaller, has shown stability with gradual increases in average rents. These trends suggest a robust and desirable housing market in this rural New York community, with expectations of continued growth in both home values and rental prices in the coming years.
