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High Homeownership and Rising Home Values in Zip Code 14032: A Decade of Growth in Clarence Center, NY
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14032, located in Clarence Center, New York, has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This area has maintained consistently high homeownership rates while seeing substantial growth in both population and property values. The homeownership rate in zip code 14032 has remained remarkably stable, hovering around 90% from 2013 to 2022. Despite minor fluctuations, the rate increased from 88% in 2013 to 90% in 2022, indicating a strong preference for homeownership in the area. Concurrently, average home prices have shown a steady upward trend. In 2010, the average home price was $260,676, which rose to $486,787 by 2022, representing an impressive 86.7% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code appears to have limited impact. Despite interest rates fluctuating between 0.08% and 2.16% from 2013 to 2022, the homeownership rate remained consistently high. This suggests that other factors, such as local economic conditions or housing market dynamics, may have a more significant influence on homeownership in this area.
Renter percentages in zip code 14032 have remained relatively low, ranging from 9% to 12% between 2013 and 2022. The average rent prices, however, have shown more variability. In 2013, the average rent was $1,131, which increased to $1,298 in 2015, before settling at $1,230 in 2022. This represents an overall increase of 8.8% in average rent prices from 2013 to 2022. The population growth from 8,377 in 2013 to 10,005 in 2022 may have contributed to the upward pressure on rent prices, despite the low percentage of renters.
In 2023 and 2024, the average home prices in zip code 14032 continued their upward trajectory. The average home price reached $511,534 in 2023 and further increased to $529,170 in 2024. This represents a 5.1% year-over-year increase from 2022 to 2023, and a 3.4% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and affordability in the area.
Looking ahead, based on historical trends and current data, we can forecast potential 5-year trends for average home and rent prices in zip code 14032. Assuming the current growth rate continues, average home prices could potentially reach around $620,000 by 2029. For average rent prices, if the modest growth trend persists, they could approach $1,350 per month in the same timeframe.
In summary, zip code 14032 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels. While rent prices have increased more moderately, they still show an upward trend. The continued population growth and rising home values suggest a sustained demand for housing in this area, which could further drive both home prices and rents in the coming years.
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