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Average Home Values and Ownership in Zip Code 14555: Lakeside Charm Drives Market Growth
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 14555, located in Sodus Point, New York, is a small community with a rich history and a unique demographic profile. Over the past decade, this area has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 14555 has shown a generally increasing trend from 2013 to 2022. In 2013, the homeownership rate stood at 82%, and by 2022, it had risen to 87%, reaching its peak within the observed period. This upward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $125,249, and by 2022, it had risen dramatically to $213,920, representing a 70.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite historically low interest rates from 2013 to 2020 (ranging from 0.08% to 0.4%), the homeownership rate remained relatively stable, only increasing slightly from 82% to 86%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate continued to increase, reaching 87%. This suggests that in this particular zip code, factors other than interest rates may have played a more significant role in driving homeownership trends.
Renter percentages in zip code 14555 have generally decreased as homeownership rates increased. In 2013, renters made up 18% of occupied housing units, while by 2022, this figure had dropped to 13%. Interestingly, average rent prices have shown some volatility over this period. In 2013, the average rent was $996, peaking at $1,032 in 2016 before declining to $935 in 2022. This represents a 5.9% decrease in average rent from 2013 to 2022, contrary to the rising home prices during the same period.
Looking at the most recent data, in 2023, the average home price in zip code 14555 reached $235,150, a 9.9% increase from 2022. This growth continued into 2024, with average home prices hitting $250,055, representing a further 6.3% increase. Simultaneously, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a significant shift in the borrowing environment compared to the previous decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 14555 to continue their upward trajectory, potentially reaching around $300,000 by 2029. This projection is based on the consistent growth observed over the past decade and assumes similar market conditions persist. For rent prices, the forecast is less clear due to the recent volatility. However, if the trend of the past few years continues, we might see average rents stabilize or potentially increase slightly, possibly reaching around $1,000 per month by 2029.
In summary, zip code 14555 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. Despite fluctuations in federal interest rates, the local housing market has shown resilience and growth. The inverse relationship between homeownership rates and renter percentages, coupled with the divergent trends in home prices and rent costs, suggests a shifting dynamic in the local real estate market that favors homeownership.
