Zip code 14608, an urban neighborhood in Rochester, New York, covers an area of 1.86 square miles. This area has experienced notable changes in its real estate landscape over the past decade, particularly in terms of homeownership rates and property values. The homeownership rate in zip code 14608 has shown a gradual increase, rising from 18% in 2016 to 23% in 2022. This upward trend coincides with a substantial increase in average home prices, which grew from $66,841 in 2016 to $99,135 in 2022, representing a 48% increase over six years. The relationship between homeownership rates and average home prices suggests that despite rising property values, more residents have been able to enter the housing market.

Federal interest rates have played a significant role in shaping homeownership trends in zip code 14608. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, corresponded with the gradual increase in homeownership rates. This environment of affordable financing likely contributed to making homeownership more accessible for residents in the area.

The rental market in zip code 14608 has seen a slight decline in the percentage of renters, decreasing from 82% in 2016 to 77% in 2022. Despite this decrease, average rent prices have shown an overall upward trend, rising from $836 in 2016 to $819 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $891. The population of the zip code has also increased from 12,558 in 2016 to 13,158 in 2022, which may have contributed to the sustained demand for rental properties despite the slight decrease in the percentage of renters.