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Average Home Values and Ownership in Zip Code 14814: Trends Near the Corning Museum of Glass
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 14814, located in Big Flats, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 1,646 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 14814 has shown some variability but has generally remained high. In 2013, the area had an 84% homeownership rate, which increased slightly to 87% by 2015. However, there was a gradual decline to 80% by 2019, followed by a sharp drop to 73% in 2020. Interestingly, this trend reversed in subsequent years, with homeownership rising to 85% by 2022. This fluctuation coincides with changes in average home prices, which have shown a consistent upward trend. The average home price in 2010 was $141,483, steadily increasing to $227,578 by 2022, representing a substantial 60.9% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates from 2010 to 2015 (ranging from 0.09% to 0.18%), homeownership rates remained relatively stable around 84-87%. However, as interest rates began to rise from 2016 onwards, reaching 2.16% by 2019, homeownership rates started to decline, reaching 80% in 2019. This trend suggests that other local factors may have had a more significant influence on homeownership than national interest rates during this period.
Renter percentages in zip code 14814 have generally mirrored the inverse of homeownership rates, ranging from 13% to 27% between 2013 and 2022. The average rent prices have shown considerable volatility. In 2013, the average rent was $546, which more than doubled to $1,087 in 2014. Rent prices then fluctuated, dropping to $703 in 2016 before rising again to $1,044 in 2018. By 2022, the average rent stood at $998. This volatility in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that local market conditions and housing availability may play significant roles in determining rent prices.
In 2023 and 2024, the housing market in zip code 14814 continued its upward trajectory. The average home price reached $241,731 in 2023 and further increased to $250,973 in 2024, representing a 10.3% increase over two years. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 14814 over the next five years. Assuming a conservative annual growth rate of 5%, average home prices could potentially reach around $320,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict accurately. However, if we assume a modest annual increase of 3%, average rents could potentially rise to around $1,160 by 2029.
In summary, zip code 14814 has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing average home prices. The area has weathered fluctuations in both ownership percentages and rent prices, suggesting a dynamic and adaptable local real estate market. The continued rise in home values, even in the face of increasing interest rates, indicates strong underlying demand for housing in this area, potentially driven by local economic factors or the area's desirability as a residential location.
