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Rising Home Values and Ownership in Zip Code 14058: Elba's Rural Housing 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 14058, located in Elba, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This rural area has seen a notable increase in homeownership, coupled with fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 14058 has shown a consistent upward trend, rising from 81% in 2013 to an impressive 88% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $101,645, which steadily increased to $175,402 by 2022, representing a 72.6% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 14058. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the initial increase in homeownership from 81% to 82%. As interest rates began to rise more sharply from 2017 to 2019, reaching 2.16%, the homeownership rate remained relatively stable. Interestingly, despite the low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership continued to climb, reaching 87% by 2021, indicating other factors beyond interest rates were influencing this trend.
The renter percentage in zip code 14058 has inversely mirrored the homeownership trend, decreasing from 19% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. In 2013, the average rent was $833, which decreased slightly to $814 in 2017, before rising again to $863 in 2021, and then dropping to $818 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex interplay of factors affecting the rental market in this area.
In 2023, the average home price in zip code 14058 reached $177,815, a modest increase from the previous year, while the federal interest rate rose significantly to 5.02%. Moving into 2024, the average home price has continued to climb, reaching $184,774, with the interest rate further increasing to 5.33%. These figures indicate a resilient housing market in the face of rising interest rates, suggesting strong local demand or other positive economic factors in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14058 may continue to rise over the next five years, potentially reaching around $210,000 by 2029. This projection is based on the historical growth rate and assumes continued economic stability in the region. Average rent prices, while more volatile, may stabilize around $850-$900 per month, reflecting the area's evolving rental market dynamics and the declining renter population.
In summary, zip code 14058 has demonstrated a strong trend towards increased homeownership, with average home prices rising substantially over the past decade. The area has shown resilience in its housing market, maintaining growth even in the face of rising interest rates. The rental market, while smaller, has experienced fluctuations in both population and prices. These trends paint a picture of a changing real estate landscape in Elba, with a clear shift towards a predominantly owner-occupied community.
