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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14414, located in Avon, New York, presents an interesting case study of homeownership and housing market trends. This area has experienced fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 14414 has shown resilience, with a slight increase from 73% in 2013 to 76% in 2022. This trend coincides with significant growth in average home prices, which rose from $135,204 in 2013 to $217,895 in 2022, representing a 61% increase over this period. The relationship between ownership rates and home prices suggests a strong local housing market, where rising property values have not deterred homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight dip in homeownership to 70% in 2017. However, the subsequent drop in interest rates to 0.08% in 2021 coincided with a rebound in homeownership to 75%, demonstrating the inverse relationship between interest rates and homeownership.
Rental trends in zip code 14414 have shown some volatility. The percentage of renters increased from 25% in 2013 to a peak of 30% in 2017, before declining back to 24% in 2022. Average rent prices fluctuated during this period, starting at $883 in 2013, dropping to a low of $800 in 2019, and then surging to $1,021 in 2021 before settling at $886 in 2022. The population remained relatively stable during this period, suggesting that local economic factors and housing availability may have influenced these rental trends more than population changes.
In 2023 and 2024, the housing market in zip code 14414 continued its upward trajectory. The average home price reached $230,946 in 2023 and further increased to $242,003 in 2024, representing a 11% growth over two years. This price appreciation occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent in zip code 14414. Average home prices are forecasted to reach approximately $275,000 by 2029, assuming a moderate annual growth rate of 2.5-3%. Average rent prices are expected to increase to around $1,050 per month over the same period, factoring in a 3-4% annual increase. These projections assume relative economic stability and continued demand in the local housing market.
In summary, zip code 14414 has demonstrated a robust housing market with increasing home values and a strong preference for homeownership. The area has weathered fluctuations in interest rates and rental demand, maintaining a high rate of owner-occupied housing. The recent surge in home prices, even in the face of rising interest rates, suggests a resilient local market with potential for continued growth in both the ownership and rental sectors.