Zip code 14612, located in Rochester, New York, covers an area of 17.67 square miles and has experienced significant changes in its housing market over the past decade. This suburban area has seen a slight decline in homeownership rates while average home prices and rent prices have generally increased. The relationship between homeownership rates and average home prices reveals an interesting trend. In 2013, the homeownership rate was 71% with an average home price of $133,412. By 2022, despite rising home values, the ownership rate declined to 67% when the average home price reached $222,854. This represents a 67% increase in average home prices over nine years, while homeownership decreased by 4 percentage points, suggesting that rising home prices may have made homeownership less attainable for some residents in the area.

Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with relatively stable homeownership rates around 70%. As interest rates began to rise in 2017, reaching 1.83% by 2018, homeownership rates dropped to 67%. This correlation indicates that higher interest rates may have contributed to the decline in homeownership by making mortgages more expensive.

The renter population in zip code 14612 has shown a corresponding increase as homeownership rates declined. In 2013, 29% of residents were renters, with an average rent of $927. By 2022, the renter percentage had increased to 33%, and the average rent had risen to $1,074, representing a 15.9% increase in average rent over nine years. This trend suggests that as homeownership became less accessible, more residents turned to renting, potentially driving up rental prices due to increased demand.