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Average Home Values and Ownership in Zip Code 14131: Ransomville's Rural Housing Market Trends
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 14131, located in Ransomville, New York, presents an interesting case study in homeownership and real estate trends. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing a steady upward trajectory. The community has experienced slight fluctuations in population, which have influenced both the housing market and rental landscape.
The homeownership rate in zip code 14131 has remained relatively stable, hovering around 85-89% between 2013 and 2022. This high rate of owner-occupied housing coincides with a significant increase in average home prices. In 2013, the average home price was $138,234, which rose steadily to $246,996 by 2022, representing a substantial 78.7% increase over this period. The most dramatic rise occurred between 2020 and 2022, with prices jumping from $197,317 to $246,996, a 25.2% increase in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high homeownership rates. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in zip code 14131 remained resilient, suggesting other factors such as local economic conditions and housing preferences were also influential.
The rental market in zip code 14131 has shown interesting fluctuations. The percentage of renters has varied between 11% and 16% from 2013 to 2022. Average rent prices have been volatile, peaking at $1,155 in 2014 before declining to $871 in 2022. This represents a 24.6% decrease over eight years, contrasting sharply with the rising home prices. The population has remained relatively stable during this period, with 5,991 residents in 2013 and 6,161 in 2022, suggesting that changes in rental prices were not primarily driven by population shifts.
Looking at the most recent data, average home prices in zip code 14131 continued to rise, reaching $254,899 in 2023 and $260,421 in 2024. This represents a 3.2% increase from 2022 to 2023 and a further 2.2% increase from 2023 to 2024. Concurrently, federal interest rates have climbed significantly, hitting 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Based on the historical trends and recent data, we can project potential scenarios for the next five years. Average home prices in zip code 14131 could continue to appreciate, potentially reaching around $290,000 to $310,000 by 2029, assuming a moderate annual growth rate of 2-3%. However, this growth may be tempered by the higher interest rates, which could slow down price appreciation. Average rent prices, which have been more volatile, might stabilize or see modest increases, potentially reaching $950 to $1,000 per month by 2029, assuming a gradual recovery and alignment with overall housing market trends.
In summary, zip code 14131 has demonstrated a robust housing market with consistently high homeownership rates and steadily increasing average home prices. The area has shown resilience in maintaining these trends despite fluctuations in interest rates and population. The rental market, while more volatile, has generally trended downward in terms of prices. As we look to the future, the interplay between rising home values, higher interest rates, and local economic factors will likely shape the housing landscape in this New York community.
