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Home Values and Ownership in Zip Code 14172: A Decade of Stability and Growth
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 14172, located in Wilson, New York, presents an intriguing case study of homeownership trends and real estate dynamics. This area has maintained a consistently high rate of owner-occupied housing, ranging from 83% to 88% over the past decade. The average home prices have shown a steady upward trajectory, while average rent prices have fluctuated but generally increased over time.
The ownership percentage in zip code 14172 has demonstrated remarkable stability with a slight upward trend. In 2013, the area had an 84% homeownership rate, which increased to 88% by 2022. This 4% increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $122,821, and by 2022, it had nearly doubled to $236,120, representing a 92% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates remained stable at 84-85%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased to 88%. This suggests that despite rising interest rates, other factors such as local economic conditions or housing market dynamics may have encouraged homeownership in this zip code.
The renter population in zip code 14172 has remained relatively small but stable. In 2013, renters made up 15% of the population, and this figure fluctuated slightly before settling at 12% in 2022. Average rent prices have shown volatility over the years. In 2013, the average rent was $724, which increased to $804 in 2017 and 2018. However, it then decreased to $751 in 2020 before rising again to $816 in 2021 and settling at $757 in 2022. These fluctuations in rent prices don't seem to have significantly impacted the overall low percentage of renters in the area.
Looking at the most recent data, the average home price in zip code 14172 continued its upward trend, reaching $243,473 in 2023 and further increasing to $249,846 in 2024. This represents a 3.1% year-over-year increase from 2023 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Based on the historical trends and current data, we can project future trends for the next five years. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $275,000 to $290,000 by 2029. Average rent prices, which have shown more volatility, may continue to fluctuate but with an overall upward trend, potentially reaching $850 to $900 by 2029.
In summary, zip code 14172 has maintained a high and increasing rate of homeownership despite rising home prices and recent increases in interest rates. The area has seen substantial appreciation in home values over the past decade, with average prices more than doubling. While the renter population remains small, rent prices have shown volatility. The resilience of homeownership in this area, even in the face of rising prices and interest rates, suggests a strong local housing market and potentially favorable economic conditions for residents.
