Loading Content...
Zip Code 13694: Rising Home Values and Ownership Rates in Waddington, NY
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 13694, located in Waddington, New York, has experienced significant fluctuations in its housing market and demographic composition over the past decade. This small community, with a population of 1,375 in 2022, has seen notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 13694 has shown a general upward trend, increasing from 73% in 2013 to 80% in 2022. This rise in homeownership coincided with a substantial increase in average home prices, which grew from $113,641 in 2013 to $173,982 in 2022, representing a 53% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices rising by 30% from $133,655 to $173,982. The relationship between federal interest rates and homeownership rates in this area appears to follow the expected trend. As interest rates remained low, particularly from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates generally increased. The sharp rise in homeownership from 75% in 2020 to 80% in 2022 coincided with interest rates that, while rising, were still relatively low at 1.68% in 2022, making home financing more accessible for many buyers.
Conversely, the renter population in zip code 13694 has decreased over time, dropping from 27% in 2013 to 19% in 2022. Despite this decline, average rent prices have shown volatility. They peaked at $961 in 2014, then experienced a general downward trend, reaching $729 in 2022. This decrease in average rent prices, coupled with the declining renter population, suggests a shift towards homeownership in the area, possibly driven by the affordability of home purchases compared to renting.
In 2023 and 2024, the housing market in zip code 13694 continued to evolve. Average home prices reached $180,445 in 2023 and further increased to $181,712 in 2024, showing a continued upward trajectory. However, this growth has slowed compared to previous years, possibly influenced by the significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 13694 may continue to rise over the next five years, but at a more moderate pace due to higher interest rates. Average rent prices, which have been volatile, may stabilize or slightly increase as the rental market adjusts to the smaller renter population and potential shifts in housing preferences.
In summary, zip code 13694 has experienced a significant shift towards homeownership, with rising home values and a decreasing renter population. The interplay between low interest rates and increasing home prices has shaped the local housing market, driving a preference for homeownership. As interest rates have recently increased, it will be crucial to monitor how this affects future homeownership rates and property values in this New York village.
