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Average Home Values and Ownership in Zip Code 14580: Webster's Shifting Real Estate Landscape
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 14580, located in Webster, New York, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift in the balance between owners and renters, alongside fluctuations in property values and rental costs.
The ownership percentage in zip code 14580 has shown a declining trend, dropping from 77% in 2013 to 72% in 2022. This decrease in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $181,251, which rose steadily to reach $300,111 by 2022, representing a 65.6% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in influencing homeownership rates in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 76-77%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline more noticeably, dropping to 72% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in zip code 14580 has increased from 22% in 2013 to 28% in 2022, mirroring the decline in homeownership. Interestingly, average rent prices have also shown an upward trend during this period. In 2013, the average rent was $1,086, which increased to $1,194 by 2022, a 9.9% rise. This increase in both renter percentage and average rent prices could be attributed to the growing population in the area, which rose from 50,491 in 2013 to 54,973 in 2022, potentially increasing demand for rental properties.
Looking at the most recent data, the average home price in zip code 14580 reached $326,213 in 2023 and further increased to $347,004 in 2024. This represents a significant jump of 15.6% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates, combined with rising home prices, may continue to impact homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 14580 will continue to rise, potentially reaching around $400,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,350 by 2029, assuming the current growth rate continues.
In summary, zip code 14580 has experienced a gradual shift towards a higher percentage of renters, coinciding with substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, population growth, and property values has significantly influenced these trends. As home prices continue to rise and interest rates remain high, it's likely that the area will see further changes in its housing market dynamics over the next five years.
