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Average Home Values and Ownership in Zip Code 14103: A Decade of Growth in Medina, 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 14103, located in Medina, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its historic Erie Canal heritage, has shown resilience in its housing market despite fluctuating economic conditions.
The homeownership rate in zip code 14103 has seen an overall increase from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 69%, which peaked at 76% in 2019 before settling at 68% in 2022. Interestingly, this trend coincides with changes in average home prices. The average home price in 2013 was $78,473, which steadily increased to $143,088 by 2022, representing an impressive 82% growth over this period. This correlation suggests that rising home values may have initially encouraged homeownership, but eventually priced out some potential buyers.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable around 69%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), we paradoxically saw an increase in homeownership to 76%. This could be attributed to buyers rushing to purchase homes before rates increased further. The subsequent drop in homeownership to 68% by 2022 coincides with rapidly rising interest rates, reaching 1.68% that year.
Renter percentages have inversely mirrored homeownership trends, decreasing from 31% in 2013 to a low of 24% in 2019, before rising again to 32% in 2022. Average rent prices have shown a general upward trend, increasing from $749 in 2013 to $889 in 2022, a 19% increase. This rise in rent prices, coupled with the recent decrease in homeownership, suggests that some residents may be priced out of both buying and renting, potentially leading to increased housing pressure.
In 2023 and 2024, we see a continuation of rising average home prices, reaching $150,281 in 2023 and $159,207 in 2024. This represents a 11.3% increase from 2022 to 2024. Simultaneously, federal interest rates have climbed significantly, hitting 5.02% in 2023 and 5.33% in 2024. These high interest rates, combined with increasing home prices, may present challenges for potential homebuyers in the near future.
Looking ahead, predictive models suggest that average home prices in zip code 14103 will continue to rise over the next five years, potentially reaching around $185,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections indicate a continuing trend of rising housing costs in the area.
In summary, zip code 14103 has experienced significant changes in its housing market over the past decade. The area has seen an overall increase in homeownership rates and substantial growth in average home prices. However, recent trends suggest a potential shift towards renting, likely driven by rising home prices and interest rates. As housing costs continue to climb, both for buyers and renters, the community may face increasing affordability challenges in the coming years.
