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Rising Home Values and Ownership in Zip Code 14572: A Rural New York Housing Market Analysis
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 14572, located in Wayland, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area, spanning 74.42 square miles, has seen a gradual increase in homeownership alongside fluctuating average home and rent prices.
The ownership percentage in zip code 14572 has shown a steady upward trend, rising from 78% in 2013 to 81% in 2022. This increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $92,235, which grew to $141,394 by 2022, representing a 53.3% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1-0.4%. During this period, homeownership rates remained stable at 78%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased, reaching 81% by 2019. This trend continued through 2022, despite interest rates fluctuating, indicating that other factors beyond interest rates were influencing homeownership in this zip code.
The renter percentage in zip code 14572 has correspondingly decreased from 22% in 2013 to 19% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $644, which dropped to $525 in 2016 before rising again to $695 in 2022. This represents a 7.9% increase in average rent from 2013 to 2022, despite the declining renter population. The fluctuation in rent prices, particularly the sharp drop in 2016, may be attributed to local economic factors or changes in the rental property market.
Looking at more recent data, the average home price in zip code 14572 continued to rise, reaching $144,568 in 2023 and $148,390 in 2024. This represents a 2.3% increase from 2022 to 2023 and a further 2.6% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong underlying demand in this market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14572 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $165,000 to $175,000, assuming a moderate annual growth rate of 2-3%. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $750 to $800 by 2029, based on historical trends and accounting for inflation.
In summary, zip code 14572 has demonstrated a robust housing market with increasing homeownership rates and steadily rising home values over the past decade. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have increased. The rental market, while smaller, has seen more volatile pricing but overall growth. These trends, combined with recent data and forecasts, suggest a continuing strong and stable housing market in this rural New York community for the foreseeable future.
