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Average Home Values and Ownership in Zip Code 14589: Williamson'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 14589, located in Williamson, New York, has experienced significant shifts in its housing market over the past decade. This area has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 14589 has fluctuated over the years, showing a general declining trend from 2013 to 2019, followed by a slight recovery. In 2013, the homeownership rate was 88%, which decreased to 77% by 2019. However, it rebounded to 83% in 2022. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $117,953, which rose to $194,370 by 2022, representing a 64.8% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates paradoxically declined from 88% to 80%. This suggests that other local factors were influencing the housing market more strongly than national interest rates during this period. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates continued to decline, reaching a low of 77% in 2019. The subsequent drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) coincided with an increase in homeownership rates to 79%, demonstrating the typical inverse relationship between interest rates and homeownership.
Renter percentages in zip code 14589 have shown an overall increasing trend, rising from 10% in 2013 to 23% in 2019, before declining to 17% in 2022. Average rent prices, however, have not consistently followed this trend. In 2013, the average rent was $867, which decreased to $710 by 2019 despite the increase in renter percentage. By 2022, the average rent had decreased further to $673, even as the renter percentage declined. This suggests that factors beyond simple supply and demand, such as local economic conditions or housing policies, may be influencing rent prices in this area.
In 2023 and 2024, the housing market in zip code 14589 continued to evolve. The average home price reached $208,509 in 2023 and further increased to $218,625 in 2024, representing a 12.4% increase over two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to slow home price growth, yet the market in this zip code has shown resilience.
Looking ahead, predictive models suggest that average home prices in zip code 14589 may continue to rise over the next five years, albeit at a potentially slower rate due to the high interest rate environment. Average rent prices, which have been declining, may stabilize or begin to increase slightly as the rental market adjusts to changing economic conditions and housing demand.
In summary, zip code 14589 has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. While homeownership rates initially declined and then partially recovered, average home prices have consistently increased. The rental market has shown more volatility, with increasing renter percentages not directly correlating to higher average rents. The area's housing market has demonstrated resilience in the face of rising interest rates, suggesting strong local demand. Moving forward, the market is likely to continue evolving, with potential for further home price appreciation and stabilization in the rental market.
