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Zip Code 13838: Sidney's Rising Home Values and Shifting Ownership Patterns
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 13838, located in Sidney, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 4,013 in 2022, has seen interesting dynamics in its real estate market, reflecting broader economic trends and local factors.
The ownership percentage in zip code 13838 has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate was 59%, which increased to 64% by 2022. This rise in homeownership coincided with significant growth in average home prices. The average home price in 2013 was $69,837, which steadily increased to $128,912 by 2022, representing an impressive 84.6% increase over this period. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $94,600 to $112,996, a 19.4% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 13838. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgages more affordable for potential buyers. The sharp rise in homeownership from 60% in 2020 to 64% in 2022 coincided with interest rates remaining relatively low, at 0.08% in 2021 before rising to 1.68% in 2022.
Renter percentages in zip code 13838 have inversely mirrored the homeownership trend, declining from 41% in 2013 to 36% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trajectory. In 2013, the average rent was $560, which increased to $719 by 2022, a 28.4% rise. Interestingly, rent prices peaked in 2017 at $865 before moderating in subsequent years. This trend suggests that while the proportion of renters decreased, demand for rental properties remained strong enough to support rising rent prices.
In 2023 and 2024, the housing market in zip code 13838 continued to evolve. The average home price reached $131,399 in 2023 and further increased to $139,206 in 2024, representing a 6% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet home prices in this area continued to climb, indicating strong local demand or limited housing supply.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $170,000 by 2029. Rent prices are expected to follow a similar trajectory, with estimated annual increases of 2-4%, potentially bringing the average rent to approximately $850 by 2029.
In summary, zip code 13838 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite fluctuations in federal interest rates, the local real estate market has shown resilience and growth. The rental market, while shrinking in proportion, has maintained strong pricing power. These trends, coupled with recent data showing continued price appreciation in a high-interest rate environment, suggest a robust and dynamic housing market in this area for the foreseeable future.
