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Average Home Values and Ownership in Zip Code 14747: Kennedy's Housing Market Evolution
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
Kennedy, located in zip code 14747 in New York, is a small community with a population of 2,142 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, presenting an interesting case study in real estate trends. The homeownership rate in Kennedy has remained relatively stable, with a slight decline from 87% in 2013 to 82% in 2022. During this same period, average home prices have shown a significant upward trend. In 2013, the average home price was $77,233, which steadily increased to $141,897 by 2022, representing an impressive 83.7% growth over nine years. This substantial rise in home values, coupled with only a minor decrease in homeownership, suggests a resilient local housing market where residents have maintained their ability to own homes despite rising prices.
Federal interest rates have played a role in shaping homeownership trends in Kennedy. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained high at 83-87%. As interest rates began to rise more significantly from 2017 onwards, there was a slight downward pressure on homeownership, with rates dipping to 82% by 2022. However, the impact appears to be minimal, indicating other factors such as local economic conditions may have a stronger influence on homeownership in this area.
Renter percentages in Kennedy have shown a modest increase from 13% in 2013 to 18% in 2022. Interestingly, average rent prices have fluctuated during this period without a clear upward trend. In 2013, the average rent was $608, which decreased to $554 by 2019, before rising again to $615 in 2022. This pattern suggests that rental prices in the area are influenced by factors beyond simple supply and demand, possibly including local economic conditions or housing policies.
Looking at the most recent data, average home prices in Kennedy continued to rise, reaching $145,690 in 2023 and $147,377 in 2024. This represents a 2.7% increase from 2022 to 2023 and a further 1.2% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Kennedy will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $165,000 to $175,000, assuming a conservative annual growth rate of 2-3%. Rent prices, which have been more volatile, may stabilize and show modest growth, potentially reaching an average of $650 to $700 per month by 2029.
In summary, Kennedy has demonstrated a robust housing market with steadily increasing home values and relatively stable homeownership rates despite rising prices. The rental market has shown more variability, with fluctuating prices and a slight increase in the percentage of renters. As interest rates continue to rise, it will be crucial to monitor how these factors interact to shape the future of housing in this New York community.
