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Average Home Values and Ownership in Zip Code 14710: Panama's Stable Market Amidst Rising Prices
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 14710, encompassing Panama in New York, presents an intriguing case study of housing trends in a rural setting. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 14710 has remained relatively stable, hovering around 86-89% between 2013 and 2022. Meanwhile, average home prices have shown a steady upward trend. In 2010, the average home price was $103,609, which increased to $213,130 by 2022, representing a substantial 105.7% growth over 12 years. This trend suggests a robust local housing market, despite the area's rural character.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow a clear pattern. For instance, from 2013 to 2022, interest rates fluctuated between 0.08% and 2.16%, while homeownership rates remained relatively stable. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 14710 have shown slight variations, ranging from 11% to 14% between 2013 and 2022. Interestingly, average rent prices have increased over this period, from $697 in 2013 to $847 in 2022, a 21.5% increase. However, there was a notable peak in 2019 at $934 before a decline in subsequent years. This trend might be influenced by the area's changing population, which grew from 3,572 in 2013 to 3,621 in 2022, potentially affecting rental demand.
Looking at more recent data, the average home price in zip code 14710 continued its upward trajectory, reaching $224,531 in 2023 and $231,743 in 2024. This represents a 5.3% increase from 2022 to 2023 and a further 3.2% rise from 2023 to 2024. Simultaneously, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14710 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $260,000 to $275,000 by 2029. Average rent prices are also expected to increase, potentially reaching $900 to $950 per month in the same timeframe, assuming current economic conditions and local trends persist.
In summary, zip code 14710 demonstrates a stable housing market with a high rate of homeownership and steadily increasing property values. Despite fluctuations in the rental market and federal interest rates, the area has maintained a consistent demand for housing. The continued rise in both home prices and rents suggests ongoing attractiveness of the area, potentially driven by its rural character and stable community environment.
