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Average Home Values and Ownership in Zip Code 14560: Springwater's Decade of 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 14560, located in Springwater, New York, presents an intriguing case study of homeownership and housing market trends. This rural area has experienced significant fluctuations in ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values.
The homeownership rate in zip code 14560 has shown a notable increase from 82% in 2013 to 83% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices, which grew from $109,476 in 2013 to $188,421 in 2022, representing a 72% increase over this period. The year 2016 marked a significant shift, with homeownership jumping from 85% to 89%, while average home prices rose from $117,515 to $124,445, a 5.9% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14560. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which likely contributed to the stable homeownership rate of 85% during this time. As interest rates began to rise from 2016 onwards, reaching 1.83% by 2018, homeownership in the area continued to increase, reaching 90% in 2018. This suggests that other local factors, such as job market stability or community development, may have outweighed the impact of rising interest rates on homeownership decisions.
The rental market in zip code 14560 has experienced inverse trends to homeownership. The percentage of renters decreased from 18% in 2013 to 17% in 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $772, which dropped to $483 in 2016 when homeownership rates spiked. However, rent prices rebounded, reaching $798 in 2021 before settling at $768 in 2022. This fluctuation in rent prices, coupled with the overall decrease in the renter population, suggests a shifting dynamic in the local housing market, possibly influenced by changes in housing supply or local economic conditions.
In 2023 and 2024, the housing market in zip code 14560 continued its upward trajectory. The average home price reached $199,617 in 2023 and further increased to $205,625 in 2024, representing a 9.1% growth over two years. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade. This resilience in home prices suggests strong local demand or limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14560 will continue to rise over the next five years, potentially reaching around $230,000 by 2029. This projection is based on the consistent upward trend observed since 2013, with an average annual growth rate of about 6%. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $850-$900 per month by 2029, assuming the current trends in population and homeownership rates persist.
In summary, zip code 14560 has demonstrated a strong trend towards homeownership, with rates increasing from 82% to 83% between 2013 and 2022, despite fluctuations in federal interest rates. Average home prices have shown remarkable growth, more than doubling from $109,476 in 2013 to $205,625 in 2024. The rental market has contracted slightly, with more volatile rent prices. These trends point to a dynamic housing market in Springwater, with a preference for homeownership and steadily appreciating property values, even in the face of rising interest rates.
