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Average Home Values and Ownership in Zip Code 14767: Panama's Resilient Housing 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 14767, located in Panama, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with ownership rates consistently above 80% throughout the observed period. The trends in average home prices and average rent have shown interesting patterns that reflect both local dynamics and broader economic factors.
The homeownership rate in zip code 14767 has shown resilience, starting at 87% in 2013 and ending at 89% in 2022, with some fluctuations in between. This trend has coincided with a significant increase in average home prices, which rose from $85,190 in 2013 to $159,280 in 2022, representing an 87% increase over this period. Notably, the most substantial growth in home prices occurred between 2020 and 2022, with a 38% jump from $115,473 to $159,280. This rapid appreciation coincided with a period of historically low federal interest rates, which dropped from 0.38% in 2020 to 0.08% in 2021, before rising to 1.68% in 2022.
The relationship between federal interest rates and homeownership rates in this zip code demonstrates a complex interplay. While lower interest rates generally encourage homeownership due to more affordable financing options, the data for 14767 shows a slight increase in homeownership from 85% in 2020 to 89% in 2022, despite the rising interest rates. This suggests that local factors, such as housing availability and community preferences, may have a strong influence on homeownership rates in this area.
Renter percentages in zip code 14767 have remained relatively low, ranging from 11% to 20% between 2013 and 2022. Interestingly, the average rent prices have shown more volatility than homeownership rates. Average rent peaked at $722 in 2014, then experienced a general downward trend, reaching $615 in 2022. This decline in average rent occurred despite the overall population growth from 2,133 in 2014 to 2,347 in 2022, suggesting that other factors such as local economic conditions or housing supply may have influenced rental prices more than population changes.
Looking at the most recent data, average home prices in zip code 14767 continued to rise, reaching $166,697 in 2023 and $174,659 in 2024. This represents a 9.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14767 will continue to rise, albeit at a more moderate pace. Based on historical patterns and current economic conditions, we project average home prices could reach approximately $200,000 by 2029. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $700 per month by 2029, assuming economic conditions remain stable and housing supply keeps pace with demand.
In summary, zip code 14767 has demonstrated a strong preference for homeownership, with rates consistently above 80%. The area has experienced substantial growth in average home prices, particularly in recent years, while average rent prices have shown more variability. The resilience of homeownership rates in the face of rising home prices and interest rates suggests a strong local housing market. Future trends will likely be influenced by the interplay between continuing home price appreciation, interest rate movements, and local economic factors.
