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Zip Code 13783: Rising Home Values and Strong Ownership Trends in Rural Hancock
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 13783, encompassing Hancock in New York, presents an interesting case study in homeownership and rental trends. This rural area, with a population density of just 19.88 people per square mile in 2022, has experienced fluctuations in both ownership rates and housing prices over the past decade.
The homeownership rate in zip code 13783 has shown resilience, maintaining a relatively high level throughout the observed period. In 2013, the ownership rate stood at 76%, and despite some fluctuations, it reached 78% by 2022. This trend coincides with a steady increase in average home prices, which rose from $99,777 in 2013 to $167,025 in 2022, representing a substantial 67.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area appears to follow the expected pattern. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates stayed consistently high, never dropping below 71%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 13783 have inversely mirrored the homeownership trends, fluctuating between 22% and 29% from 2013 to 2022. Interestingly, average rent prices have shown moderate volatility during this period. Starting at $690 in 2013, rents dipped to $663 in 2015 before climbing to $728 in 2019, and then settling at $700 in 2022. This represents a modest 1.4% increase over the decade, significantly lower than the growth in home prices.
Looking at the most recent data, average home prices in zip code 13783 continued to rise, reaching $169,991 in 2023 and $174,019 in 2024. This represents a 4.2% increase from 2022 to 2024. Concurrently, federal interest rates have increased dramatically, rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 13783 to continue their upward trajectory, potentially reaching around $200,000 by 2029. This projection is based on the historical growth rate and assumes a continuation of current economic conditions. For rent prices, a more modest increase is expected, potentially reaching an average of $750-$775 per month by 2029, reflecting the slower growth observed in rental rates compared to home prices.
In summary, zip code 13783 has demonstrated a strong preference for homeownership, with rates consistently above 70% despite rising home prices. The area has seen significant appreciation in property values, outpacing growth in rental rates. The recent sharp increase in interest rates may pose challenges to this trend, potentially affecting affordability and homeownership rates in the coming years. However, the historically high ownership rates suggest a deeply rooted culture of homeownership in this rural New York community.
