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Home Values and Ownership in Zip Code 14125: Oakfield's Housing Market Dynamics
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 14125, located in Oakfield, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 34.5 square miles, has seen a general trend of increasing homeownership and rising average home prices, alongside fluctuating rental rates and prices.
The homeownership rate in zip code 14125 has shown a significant upward trend from 2013 to 2022. In 2013, 71% of residents were homeowners, which steadily increased to a peak of 83% in 2018. However, there was a slight decline in recent years, with the homeownership rate settling at 72% in 2022. This trend generally aligns with the movement in average home prices, which have seen substantial growth. The average home price in the area rose from $90,822 in 2013 to $156,878 in 2022, representing a 72.7% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14125. The period of historically low interest rates from 2013 to 2021, where rates remained below 1% for several years, coincided with the increase in homeownership rates. This low-interest environment likely made mortgages more accessible and affordable for potential homebuyers. The slight dip in homeownership rates in 2021 and 2022 may be attributed to the beginning of interest rate hikes, with rates rising to 1.68% in 2022.
Renter percentages in zip code 14125 have inversely mirrored the homeownership trends. The proportion of renters decreased from 29% in 2013 to a low of 17% in 2018, before rising again to 28% in 2022. Interestingly, average rent prices have shown an overall increasing trend despite these fluctuations in renter percentages. The average rent rose from $664 in 2013 to $751 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $804, coinciding with the lowest renter percentage of 20% that year.
In 2023 and 2024, the housing market in zip code 14125 continued to evolve. The average home price reached $161,466 in 2023 and further increased to $169,749 in 2024, showing a sustained upward trend. This occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates might impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14125 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the area's housing demand and overall economic conditions. The interplay between homeownership rates and rental demand will likely continue to be influenced by factors such as interest rates, local economic conditions, and housing supply.
In summary, zip code 14125 has demonstrated a dynamic housing market over the past decade, characterized by increasing homeownership rates and rising average home prices. The area has shown resilience in its housing market, with continued price appreciation even in the face of recent interest rate hikes. The relationship between homeownership, rental rates, and housing prices reflects broader economic trends and local market conditions, suggesting a complex and evolving housing landscape in this New York community.
