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Rising Home Values and Ownership Rates in Zip Code 14772: Randolph's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14772, located in Randolph, New York, has experienced significant shifts in homeownership and housing prices over the past decade. This area, covering 86.46 square miles, has seen notable trends in both ownership percentages and average home values, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 14772 has shown a remarkable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 78%, but by 2022, it had increased to an impressive 84%. This 6 percentage point increase indicates a growing preference for homeownership in the area. Concurrently, average home prices have seen substantial growth. In 2013, the average home price was $78,449, but by 2022, it had risen to $140,291, representing a significant 78.8% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite fluctuations in interest rates, the homeownership rate has consistently increased. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 80%. Interestingly, as interest rates rose to 1.68% in 2022, homeownership actually increased to 84%, suggesting that local factors may have a stronger influence on homeownership decisions than national interest rates in this area.
Renter percentages and average rent prices in zip code 14772 have shown inverse trends. As the percentage of renters decreased from 22% in 2013 to 16% in 2022, average rent prices experienced some volatility. The average rent price was $623 in 2013, peaked at $664 in 2017, and then settled at $641 in 2022. This trend suggests that despite a decreasing renter population, demand for rental properties has remained relatively stable, keeping rent prices from declining significantly.
In 2023 and 2024, the housing market in zip code 14772 continued to evolve. The average home price in 2023 was $141,086, showing a slight increase from 2022. In 2024, the average home price further rose to $143,506, indicating a continuing upward trend in property values. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14772 are likely to continue their upward trajectory over the next five years. Based on historical trends, we can expect average home prices to potentially reach around $160,000 to $170,000 by 2029. Rent prices, while more volatile, may stabilize or see modest increases, potentially reaching an average of $670 to $700 per month in the same timeframe.
In summary, zip code 14772 has demonstrated a strong trend towards increased homeownership, with significant growth in average home prices. Despite rising interest rates, the area has maintained a robust housing market. The inverse relationship between homeownership and rental rates, coupled with relatively stable rent prices, suggests a shifting preference towards owning rather than renting in this community. These trends indicate a potentially growing attractiveness of the area for long-term residents and investors alike.
