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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Winthrop, located in zip code 13697 in New York, is a small community that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis explores the trends in ownership rates, average home prices, and average rent prices in this area. The homeownership rate in Winthrop has shown a generally declining trend from 2013 to 2022. In 2013, the ownership rate stood at 83%, but by 2022, it had decreased to 76%. This decline coincided with a significant increase in average home prices. In 2013, the average home price was $82,919, and by 2022, it had risen to $139,794, representing a 68.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Winthrop presents an interesting dynamic. Despite historically low interest rates from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates continued to decline. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than interest rates in this area.
As homeownership rates decreased, the percentage of renters in Winthrop increased from 17% in 2013 to 24% in 2022. This shift towards renting coincided with a rise in average rent prices. The average rent increased from $788 in 2013 to $904 in 2022, a 14.7% increase. However, it's worth noting that the population fluctuated during this period, reaching 2,522 in 2022, which may have influenced housing demand and rental prices.
Looking at the most recent data, the average home price in Winthrop continued to rise in 2023 and 2024, reaching $140,962 and $144,577 respectively. This upward trend occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Winthrop to continue their upward trajectory, potentially reaching around $160,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,000 per month within the next five years if current trends persist.
In summary, Winthrop has experienced a notable shift from homeownership to renting over the past decade, accompanied by substantial increases in both average home prices and rent. The community has shown resilience in terms of housing value appreciation, even in the face of changing interest rates and demographic shifts. As we look to the future, continued growth in both home values and rental prices seems likely, potentially reshaping the housing landscape of this New York community.