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Average Home Values and Ownership in Zip Code 14770: Portville's Resilient 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 14770, located in Portville, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 30.03 square miles, has seen a general trend of increasing average home prices alongside fluctuating homeownership rates.
The homeownership rate in zip code 14770 has shown some variability, ranging from a high of 80% in 2013 to a low of 72% in 2018. Despite these fluctuations, the area has maintained a relatively high rate of homeownership throughout the observed period. Interestingly, as average home prices have steadily increased, there hasn't been a consistent correlation with homeownership rates. For instance, when average home prices rose from $72,944 in 2017 to $76,012 in 2018, the homeownership rate actually decreased from 76% to 72%.
The relationship between federal interest rates and homeownership rates in this zip code doesn't always follow the expected pattern. While lower interest rates typically encourage homeownership, the data for 14770 shows some contradictions. For example, when interest rates were at a low of 0.08% in 2021, the homeownership rate increased to 78% from 74% the previous year. However, as interest rates rose to 1.68% in 2022, homeownership further increased to 79%, defying the usual trend.
Renter percentages and average rent prices in zip code 14770 have shown an inverse relationship at times. As the renter percentage increased from 20% in 2015 to 27% in 2016, the average rent price decreased from $783 to $762. However, this pattern isn't consistent throughout the years. For instance, in 2021, when the renter percentage decreased to 22% from 26% the previous year, the average rent price increased significantly from $694 to $833.
Looking at the most recent data, average home prices in zip code 14770 continued their upward trajectory, reaching $129,200 in 2023 and further increasing to $134,619 in 2024. This represents a substantial growth from the $120,724 average in 2022. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14770 will continue to rise, potentially reaching around $160,000 by 2029. Average rent prices, which have been more volatile, are projected to stabilize and potentially increase to approximately $900 per month over the same period, assuming current economic conditions persist.
In summary, zip code 14770 has demonstrated resilience in maintaining high homeownership rates despite rising home prices and fluctuating interest rates. The area has experienced significant growth in property values, particularly in recent years. While renter percentages and rent prices have shown some volatility, the overall trend suggests a strong preference for homeownership in this community. These trends indicate a dynamic and evolving housing market in Portville, with potential for continued growth and changes in the coming years.
