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Zip Code 13685: Rising Home Values and Ownership Fluctuations in Sackets Harbor's Lakeside Community
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 13685, located in Sackets Harbor, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This charming lakeside community has seen fluctuations in its population and housing market, reflecting broader economic trends and local developments. The ownership percentage in zip code 13685 has shown variability from 2013 to 2022. In 2013, the homeownership rate stood at 52%, which increased slightly to 54% by 2015. However, there was a significant drop to 46% in 2016, followed by a recovery to 54% in 2022. Interestingly, average home prices have consistently risen during this period, from $188,517 in 2013 to $256,623 in 2022, representing a 36% increase. This trend suggests that while home values have appreciated, it hasn't necessarily translated to higher homeownership rates in the area.
Federal interest rates have played a role in homeownership trends in zip code 13685. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates fluctuated but remained relatively stable. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially dipped but then showed resilience, climbing back to 54% by 2022 despite the interest rate reaching 1.68% that year.
Renter percentages in zip code 13685 have mirrored the inverse of homeownership rates, ranging from 44% to 54% between 2013 and 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,019, which decreased to $768 in 2017 before rising sharply to $1,236 in 2022. This represents a 21% increase in average rent from 2013 to 2022. The population growth from 1,637 in 2013 to 1,836 in 2022 may have contributed to the upward pressure on rent prices.
Looking at the most recent data, the average home price in zip code 13685 reached $267,869 in 2023 and further increased to $279,259 in 2024. This represents a substantial 8.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially 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 13685 will continue to rise, potentially reaching around $320,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, zip code 13685 has experienced a general upward trend in both average home prices and rent prices over the past decade, despite fluctuations in homeownership rates. The recent sharp increase in federal interest rates, coupled with rising property values, may pose challenges for potential homebuyers in the coming years. However, the consistent population growth and the area's appeal as a lakeside community suggest ongoing demand for housing, which could continue to drive both home prices and rents upward in the foreseeable future.
