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Average Home Values and Ownership Trends in Zip Code 14468: Hilton's Resilient Housing 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 14468, located in Hilton, New York, has shown interesting trends in homeownership and housing prices over the past decade. This area has experienced a steady increase in homeownership rates alongside rising average home prices, reflecting a growing preference for property ownership among residents. The ownership percentage in zip code 14468 has seen a notable upward trend, rising from 83% in 2015 to 88% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2015, the average home price was $155,282, which steadily climbed to $241,835 by 2022, representing a substantial 55.7% increase over seven years. This correlation suggests that despite rising prices, residents in this area have maintained a strong desire for homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14468. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 0.38%. These low rates likely contributed to the increase in homeownership from 83% to 86% during this time. As interest rates began to rise more sharply in 2022 to 1.68%, we still observed an increase in homeownership to 88%, indicating a strong local housing market that remained resilient to initial rate increases.
The renter percentage in zip code 14468 has shown a corresponding decrease, falling from 15% in 2015 to 12% in 2022. Despite this decline in the renter population, average rent prices have generally increased. In 2015, the average rent was $1,077, which rose to $1,110 by 2022, a 3.1% increase. This trend suggests that even with fewer renters, demand for rental properties has remained strong enough to support modest price increases. The population in the zip code has fluctuated slightly, from 19,825 in 2015 to 20,096 in 2022, which may have helped maintain pressure on the rental market despite the shift towards homeownership.
In 2023 and 2024, the housing market in zip code 14468 continued to show strength. The average home price reached $260,370 in 2023 and further increased to $272,346 in 2024, representing a 12.6% growth over two years. This occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These figures demonstrate the area's robust housing demand, even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the strong housing market in zip code 14468 is likely to continue. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $315,000 by 2029. Average rent prices are expected to follow a similar trajectory, with projected increases of 2-3% per year, potentially reaching about $1,250 by 2029.
In summary, zip code 14468 has demonstrated a clear trend towards increased homeownership and rising property values. The area has shown resilience to rising interest rates, maintaining strong demand for both owned and rented properties. With continued population stability and a preference for homeownership, this zip code is poised for sustained growth in its housing market over the coming years.
