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Zip Code 13757: Rising Home Values and Homeownership Resilience in Davenport Center, New York
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 13757, located in Davenport Center, New York, has shown interesting trends in homeownership, average home prices, and average rent prices over the past decade. This area has experienced significant fluctuations in its ownership percentage and housing market dynamics.
The ownership percentage in zip code 13757 has shown a notable trend, increasing from 72% in 2017 to 90% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2017, the average home price was $156,665, which steadily climbed to $258,618 by 2022, representing a 65% increase over five years. This parallel growth suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 13757. The period from 2017 to 2020 saw relatively low interest rates, ranging from 1% to 2.16%, which likely contributed to the increase in homeownership. As interest rates dropped to 0.38% in 2020 and remained low at 0.08% in 2021, homeownership continued to rise, reaching 82% in 2021. The subsequent increase to 1.68% in 2022 did not immediately impact the high homeownership rate of 90% that year, possibly due to a lag effect in the housing market.
Renter percentages in zip code 13757 have inversely mirrored the homeownership trends, decreasing from 28% in 2017 to 10% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2017, the average rent was $795, which increased to $983 by 2020, representing a 23.6% rise. However, there was a slight decrease to $976 in 2022. This trend suggests that while homeownership became more prevalent, the rental market experienced some pressure, possibly due to reduced supply of rental properties.
Looking at the most recent data, the average home price in zip code 13757 continued to rise, reaching $265,704 in 2023 and further increasing to $273,572 in 2024. This represents a 5.8% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13757 will continue to rise, albeit at a more moderate pace. The rate of increase may slow down due to the current higher interest rates, potentially reaching around $300,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $1,050 to $1,100 per month by 2029, as the rental market adjusts to the changing homeownership landscape.
In summary, zip code 13757 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with lower rates generally supporting higher homeownership. The rental market has shown some volatility, and future trends will likely be influenced by the continued evolution of homeownership rates and overall economic conditions in the area.
