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Average Home Values and Ownership in Zip Code 14066: Pike's Resilient Housing Market
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
Pike, located in zip code 14066 in New York, is a small rural community with a population that has fluctuated over the past decade. This area has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Pike has shown some variability over the years, with a general trend towards slight decline. In 2013, the homeownership rate stood at 86%, remaining stable through 2015. However, by 2022, it had decreased to 83%. This change coincided with a significant increase in average home prices. In 2013, the average home price was $88,630, which rose steadily to reach $152,932 by 2022, representing a 72.5% increase over this period.
The relationship between federal interest rates and homeownership rates in Pike shows some interesting patterns. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained stable at 86%. As interest rates began to rise more significantly from 2016 onwards, there was a slight decline in homeownership, dropping to 83% by 2022 when the federal interest rate reached 1.68%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Pike have shown a corresponding increase as homeownership rates declined. In 2013, the renter-occupied rate was 14%, which increased to 17% by 2022. Interestingly, average rent prices have experienced significant fluctuations. In 2013, the average rent was $622, which dropped to a low of $424 in 2016 before rising sharply to $876 in 2022, representing a 41% increase from 2013 to 2022. This trend may be influenced by the area's changing population, which decreased from 1,299 in 2013 to 1,287 in 2022, potentially affecting housing demand and rental market dynamics.
Looking at the most recent data, the average home price in Pike for 2023 was $150,858, showing a slight decrease from 2022. However, in 2024, the average home price has risen to $156,341, indicating a recovery in the housing market. This uptick comes despite the federal interest rate increasing to 5.33% in 2024, which is significantly higher than previous years and might typically be expected to dampen housing demand.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Pike. Based on the historical data and current economic conditions, average home prices could potentially reach around $180,000 to $190,000 by 2029. Average rent prices may continue their upward trajectory, potentially reaching $950 to $1,000 per month in the same timeframe.
In summary, Pike has experienced a gradual shift towards more renter-occupied housing, coupled with significant increases in both home values and rent prices. The interplay between federal interest rates, local population changes, and broader economic factors has shaped these trends. The recent uptick in home prices despite higher interest rates suggests a resilient local housing market, which is likely to continue its growth trajectory in the coming years.
