Zip Code 13606: Rising Home Values and Ownership Rates in Adams Center, New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 13606, located in Adams Center, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend towards increased homeownership and fluctuating housing prices, reflecting broader economic changes and local market dynamics.
The ownership percentage in zip code 13606 has shown a significant upward trend, rising from 66% in 2015 to 81% in 2022. This increase in homeownership coincides with changes in average home prices, which have grown from $144,566 in 2015 to $194,793 in 2022, representing a 34.7% increase over seven years. The relationship between homeownership rates and average home prices appears to be positive, with both metrics generally rising together. For instance, as the ownership rate increased from 73% in 2019 to 75% in 2020, the average home price also jumped from $154,216 to $162,753 during the same period.
Federal interest rates have played a role in homeownership trends in zip code 13606. The period from 2015 to 2021 saw relatively low interest rates, ranging from 0.13% to 1.68%, which likely contributed to the increasing homeownership rates observed during this time. For example, as interest rates dropped from 2.16% in 2019 to 0.38% in 2020, homeownership increased from 73% to 75%, suggesting that lower borrowing costs may have encouraged more people to purchase homes.
Conversely, the renter percentage in zip code 13606 has decreased from 34% in 2015 to 19% in 2022. This decline in renters corresponds with fluctuations in average rent prices. Average rent peaked at $1,032 in 2017 when the renter percentage was 31%, then decreased to $866 in 2022 as the renter percentage fell to 19%. The population of the zip code has also fluctuated, reaching a high of 4,492 in 2015 before declining to 3,816 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, average home prices in zip code 13606 continued to rise, reaching $202,850 in 2023 and $210,056 in 2024. This represents a 7.8% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing or other market factors supporting price appreciation.
Looking ahead, predictive models suggest that average home prices in zip code 13606 may continue to rise over the next five years, potentially reaching around $240,000 by 2029 if current trends persist. Average rent prices, which have been more volatile, could stabilize or show modest increases, potentially reaching approximately $900-$950 per month in the same timeframe.
In summary, zip code 13606 has experienced a substantial increase in homeownership rates, rising average home prices, and a decrease in the renter population over the past decade. The area has shown resilience in housing prices even in the face of rising interest rates, suggesting a robust local housing market. These trends, combined with the changing demographics of the area, paint a picture of a community in transition, with a growing preference for homeownership and continued appreciation in property values.
