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Average Home Values and Ownership in Zip Code 14782: A Rural New York Case Study
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 14782, located in Sinclairville, New York, presents an intriguing case study of housing market dynamics in a rural setting. This area has experienced significant shifts in homeownership rates and property values over the past decade, with a general trend towards increased owner-occupancy and rising average home prices.
The relationship between homeownership rates and average home prices in zip code 14782 shows a positive correlation. In 2013, the homeownership rate was 80%, with an average home price of $80,363. By 2022, the ownership rate had increased to 84%, while the average home price rose substantially to $142,078. This represents a 4 percentage point increase in homeownership and a remarkable 76.8% increase in average home values over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained stable at around 80-82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 84%. This suggests that other local factors, such as employment opportunities or demographic shifts, may have had a stronger influence on homeownership decisions in this particular zip code than national interest rate trends.
Renter percentages and average rent prices in zip code 14782 have shown an inverse relationship to homeownership rates. In 2013, 20% of residents were renters, with an average rent of $689. By 2022, the renter percentage had decreased to 16%, while the average rent increased to $780. This represents a 13.2% increase in average rent over nine years, despite a decreasing renter population. The population decline from 2,594 in 2013 to 2,133 in 2022 may have contributed to the reduced rental market, potentially leading to higher rents for the remaining rental properties.
In 2023 and 2024, the average home prices in zip code 14782 continued to rise, reaching $146,420 and $150,024 respectively. This represents a 3.1% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14782 will continue to rise over the next five years, albeit at a more moderate pace. Based on historical trends and current market conditions, we can expect average home prices to reach approximately $165,000 by 2029. Average rent prices are also projected to increase, potentially reaching around $850 per month in the same timeframe.
In summary, zip code 14782 has experienced a notable increase in homeownership rates and substantial growth in average home values over the past decade. The area has shown resilience in maintaining high homeownership rates despite rising interest rates, suggesting strong local demand for housing. The rental market has contracted slightly but seen modest increases in average rents. As the area continues to evolve, it will be crucial to monitor how these housing trends impact the local community and economy.
