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Zip Code 13473: Turin's Rising Home Values and Ownership Rates
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 13473, located in Turin, New York, presents an interesting case study of homeownership and rental trends. This rural area has experienced fluctuations in both population and housing dynamics over the past decade. The overall trend shows a slight increase in homeownership rates, with average home prices steadily rising and average rent prices showing more volatility.
The homeownership rate in zip code 13473 has shown a general upward trend, increasing from 79% in 2013 to 85% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $104,577 in 2013 to $169,419 in 2022, representing a 62% increase over this period. The relationship between homeownership rates and average home prices appears to be positive, suggesting that despite rising prices, more residents are choosing to buy homes.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership from 79% to 80%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership continued to increase, reaching 85%. This suggests that other local factors may have been more influential in driving homeownership than national interest rates alone.
The rental market in zip code 13473 has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 21% in 2013 to 15% in 2022. Average rent prices, however, have been more volatile. They peaked at $918 in 2016 when the renter percentage was 20%, then declined to $712 in 2022 when the renter percentage dropped to 15%. This suggests that as more residents became homeowners, the demand for rentals decreased, potentially leading to more competitive rental prices.
Looking at the most recent data, average home prices in zip code 13473 continued to rise, reaching $173,478 in 2023 and $179,111 in 2024. This represents a steady increase despite the sharp rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. The continued price growth in the face of higher interest rates suggests strong local demand for housing in this area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 13473 to continue their upward trajectory, potentially reaching around $200,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For average rent prices, the forecast is less clear due to past volatility, but we might expect a moderate increase to around $750-$800 per month, assuming the local economy remains stable and population growth continues.
In summary, zip code 13473 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. The rental market has contracted slightly, with more volatile rent prices. The area has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. These trends suggest a stable and potentially growing community with a preference for homeownership.
