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Rising Home Values and Ownership in Zip Code 14536: Pike's Resilient Housing Market
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
Pike, located in zip code 14536 in New York, is a small community with a population of 883 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values. The homeownership rate in Pike has shown a steady increase from 71% in 2014 to 77% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2014, the average home price was $72,900, which has grown substantially to $121,099 by 2022, representing a 66% increase over this period. The most dramatic price increases occurred between 2020 and 2022, with average home prices jumping from $94,199 to $121,099, a 28.6% increase in just two years.
Federal interest rates have played a role in homeownership trends in Pike. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates increased from 71% in 2014 to 75% in 2016. As interest rates began to rise from 2016 to 2019, reaching 2.16% in 2019, homeownership rates continued to climb, reaching 76% in 2019. This suggests that other local factors may have influenced homeownership decisions in addition to interest rates.
The renter population in Pike has decreased as homeownership has increased. The percentage of renters dropped from 28% in 2014 to 23% in 2022. Despite this decline, average rent prices have shown some volatility. In 2013, the average rent was $618, which decreased to $601 in 2015 before rising again to $674 in 2021. The most recent data for 2022 shows a decrease to $602, aligning closely with the 2013 levels. This fluctuation in rent prices may be influenced by the changing supply and demand dynamics as more residents transition to homeownership.
Looking at the most recent data, the average home price in Pike for 2023 was $117,190, showing a slight decrease from 2022. However, projections for 2024 indicate a rebound, with average home prices expected to reach $123,657. This upward trend coincides with higher federal interest rates, which stood at 5.02% in 2023 and are projected to be 5.33% in 2024. These higher interest rates may impact affordability and future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Pike to continue their upward trajectory, potentially reaching around $140,000 by 2029. This projection is based on the historical growth rate and assumes continued economic stability. Average rent prices are predicted to show modest growth, potentially reaching approximately $700 by 2029, reflecting the area's evolving housing market dynamics.
In summary, Pike has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has seen a shift towards owner-occupied housing, with a corresponding decrease in the renter population. Despite fluctuations in average rent prices, the overall trend suggests a strengthening housing market. The interplay between federal interest rates, local economic factors, and housing preferences will continue to shape the real estate landscape in this New York community in the coming years.
