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Zip Code 13472: Rural New York's Surge in Home Values and Ownership
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 13472, located in Thendara, New York, presents an intriguing case study of housing trends in a small community. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased owner-occupancy and rising average home values.
The percentage of owner-occupied homes in zip code 13472 has shown a remarkable upward trend, increasing from 71% in 2013 to an impressive 99% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $208,117, which steadily climbed to $366,765 by 2022, representing a 76% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 2.16%, homeownership rates generally increased. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. The dramatic rise in homeownership to 99% in 2022 occurred despite a slight increase in interest rates to 1.68%, suggesting other local factors may have played a role in this surge.
Renter percentages in zip code 13472 have inversely mirrored the homeownership trend, declining from 29% in 2013 to nearly zero in 2022. Interestingly, average rent prices have shown volatility during this period. From 2013 to 2016, the average rent remained stable at $574. However, it then increased significantly to $1,028 in 2019 and $1,107 in 2022, despite the shrinking renter population. This trend suggests that while fewer rental properties were available, those that remained commanded higher prices.
In 2023 and 2024, the housing market in zip code 13472 continued to evolve. The average home price reached $384,190 in 2023 and further increased to $399,161 in 2024, showing a sustained upward trajectory. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and future homeownership rates.
Looking ahead, our predictive models suggest that average home prices in zip code 13472 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We anticipate average home prices could reach approximately $450,000 by 2029. Rent prices are expected to stabilize or increase moderately, contingent on any shift in the current high homeownership rate.
In summary, zip code 13472 has demonstrated a strong trend towards homeownership, with a near-complete transition to owner-occupied housing by 2022. This shift has been accompanied by substantial increases in both average home prices and rent prices for the few remaining rental properties. The area's resilience in maintaining high home values, even in the face of rising interest rates, suggests a robust local housing market with potential for continued growth.
