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Average Home Values and Ownership in Zip Code 14052: A Decade of Steady Growth
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 14052, located in Billington Heights, New York, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years. The average home and rent prices have shown overall growth, reflecting the dynamic real estate market in this region.
The homeownership rate in zip code 14052 has seen a modest increase from 81% in 2019 to 85% in 2022. This rise in ownership coincides with a substantial increase in average home prices, which grew from $275,203 in 2019 to $360,712 in 2022, representing a 31% increase over just three years. This trend suggests a strong correlation between rising property values and homeownership rates, possibly indicating growing confidence in the local real estate market.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% to 0.08%. This favorable borrowing environment likely contributed to the increased homeownership rate, as lower interest rates typically make mortgages more affordable and attractive to potential buyers. The slight dip in ownership to 83% in 2020, despite low interest rates, may be attributed to economic uncertainties during the early stages of the COVID-19 pandemic.
Renter percentages in zip code 14052 have shown a slight decrease, moving from 19% in 2019 to 15% in 2022. Interestingly, average rent prices have fluctuated during this period. The average rent peaked at $819 in 2016, decreased to $716 in 2018, and then rose again to $764 in 2022. These fluctuations in rent prices, coupled with the decreasing percentage of renters, suggest a shifting dynamic in the local rental market, possibly influenced by the increasing attractiveness of homeownership in the area.
Looking at the most recent data, the average home price in zip code 14052 reached $382,232 in 2023 and further increased to $396,835 in 2024. This continued upward trajectory in home values occurs alongside a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make borrowing more expensive, the local housing market appears to remain robust, with home values continuing to appreciate.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices for zip code 14052. Based on the historical data and current market conditions, average home prices could potentially reach around $450,000 to $475,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $800 to $850 per month in the same timeframe.
In summary, zip code 14052 demonstrates a strong trend towards homeownership, with increasing property values and a declining proportion of renters. The area has shown resilience in its real estate market, maintaining growth even in the face of rising interest rates. The continued appreciation of home values, coupled with high ownership rates, indicates a robust and desirable housing market in this New York community.
