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Average Home Values and Ownership in Zip Code 14530: Perry'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
Zip code 14530, located in Perry, New York, presents an interesting demographic and real estate landscape. This area has experienced significant shifts in population, homeownership rates, and housing prices over the past decade. The ownership percentage has shown fluctuations, while average home prices have generally trended upward. Average rent prices have also seen changes, reflecting the dynamic nature of this local real estate market.
The relationship between homeownership rates and average home prices in zip code 14530 reveals some notable trends. In 2013, the homeownership rate stood at 69%, with an average home price of $81,207. As average home prices steadily increased, reaching $139,774 by 2022, the homeownership rate also rose to 75%. This suggests that despite rising home prices, more residents were able to purchase homes, possibly due to other favorable economic factors or local initiatives.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 68-70%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 66%. However, when interest rates dropped dramatically in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded, reaching 71% in 2021 and peaking at 75% in 2022, despite a higher interest rate of 1.68% that year.
Renter percentages and average rent prices in zip code 14530 have shown an inverse relationship to homeownership trends. In 2013, the renter-occupied percentage was 31%, with an average rent of $686. As the renter percentage increased to 34% in 2017 and 2018, average rent also rose to $716 and $721 respectively. However, by 2022, the renter percentage had decreased to 25%, while average rent slightly decreased to $731, possibly due to increased homeownership and changes in local housing supply and demand.
Looking at the most recent data, the average home price in zip code 14530 reached $142,310 in 2023 and further increased to $146,664 in 2024. This represents a steady upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in zip code 14530 will continue to rise, potentially reaching around $165,000 to $175,000 by 2029. Average rent prices are also expected to increase, possibly to the $780-$800 range over the same period. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 14530 has experienced a notable increase in homeownership rates despite rising home prices, possibly influenced by periods of low interest rates. The area has seen a general trend of increasing property values and fluctuating rent prices. The recent spike in interest rates, coupled with consistently rising home prices, may present new challenges for potential homebuyers in the coming years. However, the strong trend towards homeownership in recent years suggests a robust local real estate market that may continue to attract both buyers and investors.
