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Average Home Values and Ownership in Zip Code 14903: A Decade of Resilience in Big Flats, New York
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 14903, located in Big Flats, New York, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This area, known for its proximity to the Chemung River and the Corning Museum of Glass, has seen interesting shifts in its real estate market dynamics.
The homeownership rate in zip code 14903 has shown moderate variability from 2013 to 2022. In 2013, the ownership rate stood at 63%, rising to a peak of 69% in 2015. However, it then experienced a gradual decline, reaching 61% in 2020, before rebounding to 68% in 2022. Concurrently, average home prices have demonstrated a consistent upward trend. In 2013, the average home price was $97,530, which increased steadily to $134,627 by 2022, representing a substantial 38% growth over this period.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 14903. During periods of low interest rates, such as from 2013 to 2016 when rates remained below 0.5%, homeownership rates were generally higher, peaking at 69% in 2015. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a slight decline in homeownership rates. However, the relationship is not always direct, as other local factors also influence homeownership decisions.
Renter percentages in zip code 14903 have inversely mirrored homeownership rates, ranging from a low of 31% in 2015 to a high of 39% in 2020. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $945, which rose to $1,013 in 2021, representing a 7.2% increase. However, there was a slight decrease to $939 in 2022. It's worth noting that the population in this zip code has remained relatively stable, with only minor fluctuations, which suggests that changes in rent prices are more likely influenced by market conditions rather than significant population shifts.
In 2023 and 2024, the real estate market in zip code 14903 continued its upward trajectory. The average home price reached $140,635 in 2023 and further increased to $143,629 in 2024, marking a 6.7% growth from 2022 to 2024. This rise occurred despite a significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local market factors overriding national trends.
Looking ahead, predictive models suggest that average home prices in zip code 14903 are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the area's stable population and ongoing demand for rental properties.
In summary, zip code 14903 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a relatively balanced mix of owners and renters, with recent trends favoring homeownership. The continued rise in both home prices and rent, even in the face of higher interest rates, suggests a robust local real estate market with potential for further growth in the coming years.
