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Zip Code 13865: Rising Home Values and Ownership in Windsor, NY
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 13865, located in Windsor, New York, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home prices, with notable changes in recent years.
The homeownership rate in zip code 13865 has shown a steady increase from 2013 to 2022. In 2013, 82% of residents owned their homes, and this figure rose to 92% by 2018, marking the peak of homeownership in the area. However, there was a slight decline to 87% by 2022. Concurrently, average home prices have demonstrated an overall upward trend. In 2013, the average home price was $106,533, which remained relatively stable until 2017. From 2018 onwards, there was a more pronounced increase, with prices reaching $159,500 by 2022, representing a nearly 50% increase over this period.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with the rise in homeownership rates from 82% to 88%. As interest rates began to climb from 2017 (1%) to 2019 (2.16%), homeownership continued to increase, reaching its peak of 92% in 2018. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) may have contributed to sustaining the high homeownership rate of 90% during these years.
Renter percentages in zip code 13865 have inversely mirrored the homeownership trends, decreasing from 18% in 2013 to a low of 8% in 2018, before slightly increasing to 13% by 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $959, which increased to $980 in 2014. However, there was a significant drop to $612 in 2015, followed by fluctuations in subsequent years. By 2022, the average rent had decreased to $601, representing a 37% decline from 2013 levels. This trend in rent prices, coupled with the area's declining population (from 6,416 in 2013 to 5,985 in 2022), suggests a complex interplay between housing supply, demand, and local economic factors.
In 2023, the average home price in zip code 13865 continued its upward trajectory, reaching $167,556. This trend persisted into 2024, with prices further increasing to $176,942. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and property values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 13865 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices, which have been volatile, are expected to stabilize and potentially increase modestly as the rental market adjusts to changing economic conditions and housing preferences.
In summary, zip code 13865 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the proportion of renters and average rent prices. The area has shown resilience in property values despite population decline, and recent trends indicate continued growth in the housing market. However, rising interest rates may moderate this growth in the coming years, potentially affecting both homeownership rates and property values.
