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Average Home Values and Ownership in Zip Code 14569: A Rural New York Housing Market Analysis
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 14569, located in Warsaw, New York, presents an interesting case study of homeownership and rental trends over the past decade. This rural area has experienced fluctuations in its ownership percentage and average home prices, while also seeing changes in its rental market.
The homeownership rate in zip code 14569 has shown resilience, with a slight overall increase from 63% in 2014 to 65% in 2022. This trend coincides with a significant rise in average home prices, which grew from $94,937 in 2014 to $162,370 in 2022, representing a 71% increase. The relationship between ownership rates and home prices appears to be relatively stable, suggesting that the local community has maintained its ability to purchase homes despite rising costs.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2014 to 2021 saw historically low interest rates, ranging from 0.09% to 1.68%. This favorable lending environment likely contributed to the sustained homeownership rates in zip code 14569, even as home prices increased. The slight dip in ownership to 63% in 2018 coincided with a rise in interest rates to 1.83%, but the community quickly rebounded to 66% ownership by 2020 when rates dropped back down to 0.38%.
Renter percentages in the zip code have remained relatively stable, fluctuating between 32% and 37% from 2013 to 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $729, which decreased to $565 by 2017, before rising again to $617 in 2022. This fluctuation in rent prices does not appear to have significantly impacted the proportion of renters in the area, suggesting other factors such as local employment opportunities or lifestyle preferences may be influencing renting decisions.
Looking at the most recent data, average home prices in zip code 14569 continued to rise, reaching $167,865 in 2023 and $171,810 in 2024. This represents a 5.8% increase from 2022 to 2024, indicating a continued strong housing market in the area. Concurrently, federal interest rates have increased substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14569 will continue to increase, albeit at a more moderate pace due to the higher interest rate environment. We project average home prices could reach approximately $190,000 to $200,000 by 2029. For rent prices, we expect a gradual upward trend, potentially reaching an average of $700 to $750 per month in the next five years, assuming local economic conditions remain stable.
In summary, zip code 14569 has demonstrated a resilient housing market with stable homeownership rates despite significant increases in average home prices. The area has benefited from low interest rates in recent years, which have helped maintain homeownership levels. However, the rental market has shown more volatility in pricing without significantly affecting the proportion of renters. As interest rates have risen sharply in 2023 and 2024, it will be crucial to monitor how this impacts both homeownership rates and housing affordability in the coming years.
