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Average Home Values and Ownership in Zip Code 14722: Chautauqua's Dynamic Real Estate 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 14722, located in Chautauqua, New York, is a small area covering just 0.38 square miles. This quaint community has experienced fluctuations in population and homeownership rates over the years, with a general trend towards high owner-occupancy. The average home prices have shown a consistent upward trajectory, while rental data remains limited.
The homeownership rate in zip code 14722 has remained consistently high, ranging from 78% to 94% between 2013 and 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $368,526, which rose to $535,070 by 2022, representing a 45% increase over 12 years. Notably, the highest homeownership rate of 94% was recorded in 2018 when the average home price was $414,949, suggesting that rising property values did not deter homeownership in this area.
Federal interest rates have played a significant role in homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates in zip code 14722 remained high, peaking at 93% in 2015. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, we observed a slight dip in homeownership to 87%. However, the community quickly rebounded to 92% homeownership in 2020 when interest rates dropped to 0.38%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 14722 have been relatively low, fluctuating between 6% and 21% from 2013 to 2022. The highest renter percentage of 21% was observed in 2013, which decreased to 13% by 2022. Specific average rent price data is not available for this zip code, making it challenging to draw direct correlations between renter percentages and rent prices. However, the low renter percentages suggest a strong preference for homeownership in this area, possibly due to factors such as community stability and the potential for property value appreciation.
In 2023, the average home price in zip code 14722 reached $543,080, a 1.5% increase from 2022. This growth continued into 2024, with average home prices rising to $554,956, representing a 2.2% increase from 2023. This price appreciation occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. This suggests that local factors, such as the area's desirability or limited housing supply, may be outweighing the potential dampening effect of higher interest rates on home prices.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in zip code 14722 will likely continue to appreciate over the next five years, albeit at a more moderate pace. Assuming an average annual growth rate of 3%, we could expect average home prices to reach approximately $643,000 by 2029. However, this growth may be tempered by the current high interest rate environment, which could slow down the pace of price appreciation if rates remain elevated.
In summary, zip code 14722 in Chautauqua, New York, is characterized by high homeownership rates and steadily increasing average home prices. The community has shown resilience in maintaining strong homeownership levels despite rising property values and fluctuating interest rates. The limited rental market and consistent price appreciation suggest a stable, desirable residential area with potential for continued growth in property values over the coming years.
