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Zip Code 13672: Parishville's Fluctuating 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
Zip code 13672, located in Parishville, New York, presents an interesting case study of housing trends in a small rural community. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home prices and varying rental rates.
The homeownership rate in zip code 13672 has shown some volatility between 2013 and 2022. In 2013, the area had a high homeownership rate of 83%, which gradually declined to 68% by 2020. However, there was a significant rebound to 78% in 2022. Interestingly, this fluctuation in homeownership rates coincided with changes in average home prices. From 2013 to 2022, average home prices in the area increased from $88,345 to $127,471, representing a substantial 44% increase over the decade.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.11% to 0.40%) coincided with relatively high homeownership rates above 70%. However, as interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, reaching a low of 68% in 2020 when the interest rate was 0.38%.
Renter percentages and average rent prices in zip code 13672 have shown interesting trends. The percentage of renters increased from 16% in 2013 to a peak of 32% in 2020, before decreasing to 22% in 2022. Average rent prices have been volatile, starting at $862 in 2013, dropping to $826 in 2015, then rising significantly to $1,274 in 2021, before decreasing again to $903 in 2022. These fluctuations in rent prices and renter percentages might be influenced by the area's small population, which ranged from 219 to 314 residents during this period.
In 2023 and 2024, average home prices in zip code 13672 continued to rise, reaching $127,322 in 2023 and $131,455 in 2024. This represents a slight increase from the 2022 average of $127,471. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 13672 will likely continue to increase over the next five years, potentially reaching around $150,000 by 2029. However, this growth may be moderated by the current high interest rates. Average rent prices, which have shown significant volatility, may stabilize around $1,000 to $1,100 per month, assuming no major economic shifts or changes in local housing supply.
In summary, zip code 13672 has experienced notable changes in its housing market over the past decade. The area has seen an overall increase in average home prices, fluctuating homeownership rates, and volatile rent prices. The recent rise in interest rates, coupled with the continued increase in home prices, may present challenges for potential homebuyers in the coming years. However, the rebound in homeownership rates in 2022 suggests a resilient local housing market.
