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Average Home Values and Ownership in Zip Code 14228: A Decade of Resilience Near University at Buffalo
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
The zip code 14228, located in University at Buffalo, New York, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its connection to the University at Buffalo, has shown dynamic shifts in its housing market that reflect both local and national economic trends.
From 2013 to 2022, the homeownership rate in zip code 14228 fluctuated slightly but showed an overall increase. In 2013, the homeownership rate was 52%, and by 2022, it had risen to 54%. This increase coincided with a substantial rise in average home prices. In 2013, the average home price was $160,946, and by 2022, it had climbed to $294,752, representing an impressive 83% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 52%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 50% in 2019. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates rebounded to 54% by 2022, suggesting that other factors beyond interest rates were influencing homeownership decisions in this area.
Regarding rental trends, the percentage of renters in zip code 14228 showed slight fluctuations but remained relatively stable over the years, ranging from 46% to 50% between 2013 and 2022. Average rent prices, however, demonstrated more volatility. In 2013, the average rent was $1,004, which increased to $1,086 by 2018. After a slight dip to $1,068 in 2019, average rent prices rose sharply to $1,170 in 2021, before slightly decreasing to $1,151 in 2022. This trend in rent prices appears to be influenced by the area's growing population, which increased from 20,600 in 2010 to 26,132 in 2022, potentially creating more demand for rental properties.
As of 2024, the average home price in zip code 14228 has reached $322,853, showing a continued upward trend from the $308,270 recorded in 2023. This represents a 4.7% increase in just one year. Simultaneously, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, indicating a tightening monetary policy environment.
Looking ahead, predictive models suggest that average home prices in zip code 14228 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the area's connection to the university. However, the rate of increase may be moderated by new housing developments and changes in student housing preferences.
In summary, zip code 14228 has demonstrated resilience and growth in its housing market. The area has seen a steady increase in homeownership rates, significant appreciation in average home values, and a generally upward trend in average rent prices. These trends, coupled with population growth and the influence of the nearby university, point to a dynamic and potentially competitive housing market in the coming years.
