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Zip Code 13494: White Lake'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
White Lake, located in zip code 13494 in New York, is a small community with a population of 272 as of 2022. This area has experienced significant changes in homeownership rates and housing prices over the past decade, with a notable trend towards increased owner-occupied housing. The ownership percentage in White Lake has shown a consistent upward trend, rising from 84% in 2013 to 93% in 2022. This substantial increase in homeownership coincides with fluctuations in average home prices. In 2013, the average home price was $146,558, which grew to $230,325 by 2022, representing a 57% increase over nine years. Despite some minor fluctuations, the overall trend shows a strong positive correlation between rising homeownership rates and increasing average home prices.
Federal interest rates have played a significant role in homeownership trends in White Lake. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the steady increase in homeownership, as mortgage financing became more accessible and affordable for potential buyers. The sharp rise in homeownership from 89% in 2018 to 95% in 2020 coincides with interest rates dropping from 1.83% to 0.38% during the same period.
As homeownership rates increased, the percentage of renters in White Lake decreased significantly, from 15% in 2013 to just 6% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. The average rent peaked at $659 in 2013 and 2015, then dropped to a low of $531 in 2017, before rising again to $557 in 2022. The decreasing renter population may have contributed to the fluctuations in rent prices, as landlords adjusted prices to attract tenants from a shrinking pool of renters.
In 2023, the average home price in White Lake reached $238,669, showing continued growth in the housing market. This trend persisted into 2024, with average home prices further increasing to $250,903. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the housing market in White Lake has continued to appreciate.
Looking ahead, based on the historical data and current trends, we can project that average home prices in White Lake will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $280,000 to $300,000 by 2029. Rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching an average of $600 to $650 per month in the same timeframe.
In summary, White Lake has experienced a significant shift towards homeownership over the past decade, with ownership rates increasing from 84% to 93%. This trend has been accompanied by substantial growth in average home prices, rising from $146,558 in 2013 to $250,903 in 2024. The community has also seen a decrease in the renter population and fluctuating rent prices. Despite recent increases in interest rates, the housing market in this area continues to show strength and growth.
