Loading Content...
Average Home Values and Ownership in Zip Code 14845: Big Flats's Evolving Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14845, located in Big Flats, New York, has shown interesting dynamics in homeownership and housing prices over the past decade. This area, spanning 83.99 square miles, has experienced fluctuations in its population and housing market, with notable trends in ownership percentages and average home and rent prices.
The ownership percentage in zip code 14845 has remained relatively stable, ranging from 71% to 78% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $138,055, which steadily increased to $189,975 by 2022, representing a significant 37.6% growth over nine years. This trend suggests a strong correlation between rising home values and sustained homeownership rates in the area.
Federal interest rates have played a crucial role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in zip code 14845 remained high, peaking at 78% in 2015. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership, settling at 73% by 2022. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 14845 have fluctuated inversely to homeownership rates, ranging from 22% to 29% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,003, which decreased to $881 by 2017, representing a 12.2% drop. However, rent prices then surged, reaching $1,149 by 2022, a 30.4% increase from the 2017 low. This trend suggests that while homeownership remained relatively stable, the rental market experienced more pronounced fluctuations, possibly influenced by changes in population and local economic factors.
In 2023 and 2024, the housing market in zip code 14845 continued its upward trajectory. The average home price reached $200,337 in 2023 and further increased to $204,715 in 2024, showing a 2.2% year-over-year growth. This growth occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating a resilient housing market in the area.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in both home prices and rent in zip code 14845 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $240,000 by 2029. Average rent prices are expected to follow a similar trajectory, with potential increases of 2-3% per year, possibly surpassing $1,300 by 2029. However, these projections may be influenced by various factors including economic conditions, population changes, and interest rate fluctuations.
In summary, zip code 14845 has demonstrated a robust and growing housing market over the past decade. The area has maintained stable homeownership rates despite rising home prices, showcasing strong demand for housing in the region. The rental market, while more volatile, has also shown an overall upward trend in recent years. With continued growth expected in both home prices and rents, this zip code appears to be an area of sustained real estate appreciation and investment potential.
