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Average Home Values and Ownership Trends in Zip Code 14626: Greece's Shifting Housing Landscape
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 14626, located in Greece, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a gradual decline in owner-occupied housing, coupled with significant increases in both average home prices and average rent costs.
The homeownership rate in zip code 14626 has shown a downward trend, decreasing from 75% in 2013 to 70% in 2022. During this same period, average home prices have risen substantially. In 2013, the average home price was $133,646, which increased to $221,582 by 2022, representing a 65.8% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were below 0.5%, homeownership remained relatively stable at around 72-75%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 70%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 14626 has increased from 24% in 2013 to 30% in 2022. Concurrently, average rent prices have shown significant growth. In 2013, the average rent was $844, which rose to $1,067 by 2022, an increase of 26.4%. This upward trend in both renter percentage and rent prices suggests a growing demand for rental properties in the area, possibly driven by those unable to afford homeownership due to rising property values.
Looking at more recent data, the average home price in zip code 14626 continued to rise, reaching $239,178 in 2023 and $251,651 in 2024. This represents a further increase of 13.6% from 2022 to 2024. Simultaneously, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 14626 to continue rising, potentially reaching around $300,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on the consistent upward trends observed in both housing and rental markets over the past decade.
In summary, zip code 14626 has experienced a gradual shift from homeownership to renting, driven by rising property values and changing interest rates. The area has seen substantial increases in both average home prices and rent costs, indicating a robust and competitive housing market. As these trends continue, we can expect further changes in the local real estate landscape, with potential implications for housing affordability and demographic composition in the coming years.
