The renter population in zip code 14607 has consistently comprised the majority of residents, with the percentage of renters ranging from 80% to 83% between 2013 and 2022. This high proportion of renters aligns with the urban nature of the area and could be influenced by factors such as a large student population or young professionals preferring the flexibility of renting. Average rent prices have shown a steady increase over time, rising from $814 in 2013 to $922 in 2022, a 13.3% increase. This upward trend in rent prices, combined with the consistently high renter percentage, suggests a strong and sustained demand for rental properties in the area.

In 2023 and 2024, the housing market in zip code 14607 continued its upward trajectory. The average home price reached $323,281 in 2023 and further increased to $333,318 in 2024, representing a 12.5% increase from 2022 to 2024. This significant rise occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market. The continued price growth in the face of higher interest rates suggests robust demand and potentially limited supply in this zip code.

Looking ahead, based on historical trends and current market conditions, we can project the following 5-year trends for zip code 14607: Average home prices are likely to continue rising, albeit potentially at a slower rate due to higher interest rates. A conservative estimate might place average home prices around $380,000 to $400,000 by 2029. Average rent prices are expected to maintain their upward trajectory, potentially reaching $1,100 to $1,200 per month by 2029, assuming the current rate of increase continues. The ratio of renters to owners is likely to remain relatively stable, with perhaps a slight increase in homeownership if housing affordability improves or if there's an influx of residents seeking to establish long-term residency in the area.

In summary, zip code 14607 demonstrates a resilient and growing housing market characterized by consistently high rental occupancy and steadily increasing property values. The area has shown remarkable price appreciation despite economic fluctuations and rising interest rates, indicating strong underlying demand for both rental and owner-occupied housing. As the market continues to evolve, it will be crucial to monitor how these trends impact housing affordability and community demographics in this Rochester neighborhood.