Loading Content...
Zip Code 13670: Star Lake's Rising Home Values and Strong Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Star Lake, located in zip code 13670 in New York, is a small community with a population that has fluctuated between 266 and 337 residents from 2010 to 2022. This area has consistently maintained a high rate of homeownership, with average home prices showing a steady increase over the years. The average rent prices have experienced significant fluctuations during the same period.
The homeownership rate in Star Lake has remained relatively stable, with a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 89%, and by 2022, it had increased to 91%. This trend correlates with the rise in average home prices, which grew from $75,162 in 2013 to $122,987 in 2022, representing a 63.6% increase over nine years. The consistent high rate of homeownership despite rising home prices suggests a strong local preference for owning rather than renting.
Federal interest rates have played a role in homeownership trends in Star Lake. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), the homeownership rate remained stable at around 89-90%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate actually increased slightly to 91%. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
The renter percentage in Star Lake has remained relatively low, fluctuating between 9% and 15% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,517, which dropped dramatically to $762 in 2014. It then rose sharply to $1,702 in 2017 and reached a peak of $1,740 in 2018. By 2022, the average rent had decreased to $1,192. These fluctuations in rent prices do not seem to have a direct correlation with the renter percentage, which has remained relatively stable, suggesting that other factors may be influencing rental rates in this area.
In 2023 and 2024, the average home prices in Star Lake showed a slight decline followed by a small increase. The average home price in 2023 was $119,205, a 3.1% decrease from 2022. However, in 2024, the price rose to $121,100, a 1.6% increase from the previous year. This recent trend occurs against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in Star Lake may continue to rise moderately over the next five years, potentially reaching around $135,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict but may stabilize around $1,300 to $1,500 per month.
In summary, Star Lake in zip code 13670 demonstrates a strong and stable homeownership market with steadily increasing average home prices. The rental market, while smaller, shows more volatility in pricing. The community's resilience in maintaining high homeownership rates despite rising home prices and fluctuating interest rates suggests a deeply rooted preference for homeownership in this area.
