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Zip Code 13656: Depauville's Rising Home Values and Shifting Ownership Patterns
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 13656, located in Depauville, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area, spanning 81.92 square miles, has seen fluctuations in its population and housing market dynamics.
The homeownership rate in zip code 13656 has shown a significant decline from 2013 to 2022. In 2013, 86% of housing units were owner-occupied, but by 2022, this figure had dropped to 76%. This 10 percentage point decrease indicates a substantial shift in the local housing market. Simultaneously, average home prices have risen consistently. In 2013, the average home price was $130,650, which increased to $177,673 by 2022, representing a 36% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 86%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general economic principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages have correspondingly increased from 14% in 2013 to 24% in 2022. Interestingly, despite this increase in renter occupancy, average rent prices have shown a downward trend. In 2013, the average rent was $922, which decreased to $546 by 2022, a substantial 40.8% reduction. This trend might be influenced by the area's changing population dynamics, which fluctuated from 3,084 in 2013 to 3,251 in 2022, potentially affecting housing demand.
Looking at the most recent data, the average home price in zip code 13656 reached $179,815 in 2023 and further increased to $184,910 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13656 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $210,000 by 2029. For rent prices, the trend is less clear due to recent fluctuations, but we estimate they might stabilize or slightly increase, potentially reaching around $600 per month by 2029.
In summary, zip code 13656 has experienced a significant shift from homeownership to renting over the past decade, coupled with rising home values and decreasing rent prices. The recent sharp increase in interest rates may continue to influence these trends, potentially slowing home price growth and stabilizing the rental market. These dynamics reflect a changing housing landscape in this rural New York community.
