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Zip Code 13642: Rising Home Values and Ownership in Hailesboro, New York
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 13642, located in Hailesboro, New York, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area has seen a general trend of increasing homeownership, coupled with rising average home prices and fluctuating average rent prices.
The homeownership rate in zip code 13642 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 68%, and by 2022, it had increased to 72%. This 4% increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $75,944, and by 2022, it had risen to $115,343, representing a substantial 51.9% increase over the nine-year period.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable between 65% and 66%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership actually increased from 67% to 72%. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
Renter percentages in zip code 13642 have generally decreased as homeownership increased. In 2013, the renter-occupied rate was 31%, which decreased to 28% by 2022. Interestingly, average rent prices have shown a downward trend despite the decrease in renter percentage. The average rent price peaked in 2013 at $911 and gradually declined to $821 in 2022, representing a 9.9% decrease. This decline in average rent prices, coupled with a decreasing renter population, could indicate a shift in the local rental market dynamics or changes in the types of rental properties available.
In 2023 and 2024, the housing market in zip code 13642 continued to show growth. The average home price reached $120,081 in 2023 and further increased to $124,337 in 2024, representing a 3.5% and 7.8% increase from 2022, respectively. This growth occurred despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in the area.
Looking ahead, based on the historical trends and current market conditions, we can forecast continued growth in average home prices for zip code 13642 over the next five years. Assuming a conservative annual growth rate of 4%, we might expect average home prices to reach approximately $151,000 by 2029. For average rent prices, the trend has been less consistent, but if we assume a modest 1% annual increase from the 2022 levels, we could see average rents around $863 by 2029.
In summary, zip code 13642 has demonstrated a robust housing market with increasing homeownership rates and rising average home prices over the past decade. The area has shown resilience to rising interest rates, with continued growth in home values even as rates have increased significantly. The rental market has seen declining average rents despite a decrease in the percentage of renters, suggesting a complex interplay of local market factors. As the area moves forward, it appears poised for continued growth in the housing sector, with potential for further increases in both homeownership rates and property values.
