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Zip Code 13454: Rising Home Values and Ownership Rates in Salisbury Center, 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 13454, located in Salisbury Center, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home prices, with notable changes in recent years.
The ownership percentage in this zip code has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 83%, and it rose consistently, reaching 92% in 2021 and slightly decreasing to 90% in 2022. This upward trend in homeownership coincided with a general increase in average home prices. The average home price in 2013 was $84,124, and it grew steadily over the years, reaching $147,156 in 2022, representing a significant 75% increase over this period.
Federal interest rates have played a role in homeownership trends in zip code 13454. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership increased from 83% to 85%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership continued to increase, reaching 90% in 2022. This suggests that despite rising interest rates, other factors were driving the strong trend towards homeownership in this area.
The renter percentage in zip code 13454 has shown a corresponding decrease as homeownership increased. In 2013, the renter percentage was 17%, and it declined to 8% by 2021, before slightly increasing to 10% in 2022. Interestingly, average rent prices have fluctuated over this period. The average rent was $812 in 2013, dropped to $737 in 2016, then rose to $783 in 2018 before declining again to $493 in 2021. In 2022, the average rent increased to $752. These fluctuations in rent prices don't show a clear correlation with the declining renter percentage, suggesting other factors may be influencing rental market dynamics in this area.
Looking at the most recent data, the average home price in zip code 13454 continued to rise in 2023 and 2024, reaching $151,734 and $154,723 respectively. This represents a 5.1% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, home prices have continued to appreciate, indicating strong demand in this market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13454 will continue to rise, albeit at a potentially slower rate due to the high interest rate environment. We project that by 2029, average home prices could reach approximately $170,000 to $180,000, assuming a moderate annual growth rate of 2-3%. For rent prices, given their historical volatility, we predict a more stable trend with potential modest increases, possibly reaching an average of $800 to $850 per month by 2029.
In summary, zip code 13454 has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite rising interest rates, the area has maintained a strong trend towards homeownership. The rental market has shown more volatility, with decreasing renter percentages and fluctuating rent prices. Looking ahead, we expect continued growth in home prices, albeit at a potentially slower pace, and a stabilization of the rental market.
