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Rising Home Values and Ownership Trends in Zip Code 14513: Newark'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
Zip code 14513, located in Newark, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 13,263 in 2022, has seen fluctuations in both owner-occupied and renter-occupied housing, alongside changes in average home and rent prices.
The ownership percentage in zip code 14513 has shown resilience with some fluctuations. In 2013, the homeownership rate stood at 65%, and by 2022, it had increased slightly to 67%. During this period, average home prices demonstrated a consistent upward trend. In 2013, the average home price was $90,190, and by 2022, it had risen significantly to $156,254, representing a 73.3% increase over nine years. This substantial growth in home values occurred despite minor fluctuations in homeownership rates, suggesting a strong local housing market.
Federal interest rates have played a role in homeownership trends in zip code 14513. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates slightly decreased from 65% to 62%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized and then increased, reaching 67% by 2022 when the federal interest rate was 1.68%. This trend suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
Renter percentages in zip code 14513 have shown some variability, inversely mirroring homeownership rates. In 2013, renters occupied 35% of housing units, and this percentage peaked at 38% in 2016 and 2017. By 2022, the renter percentage had decreased to 33%. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $750, rising to a peak of $818 in 2016. After some variations, the average rent in 2022 was $785, representing a 4.7% increase from 2013. The population of the area decreased from 13,673 in 2013 to 13,263 in 2022, which may have influenced the dynamics between rental demand and prices.
In 2023 and 2024, the housing market in zip code 14513 continued its upward trajectory. The average home price reached $166,687 in 2023 and further increased to $175,336 in 2024, representing a 12.2% growth over these two years. This occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting mortgage affordability.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are expected to follow a similar trend, with modest increases anticipated as the local housing market continues to evolve.
In summary, zip code 14513 has demonstrated a resilient housing market with increasing average home values and a slight overall increase in homeownership rates from 2013 to 2022. The area has managed to maintain relatively stable rental prices while experiencing some population decline. The recent sharp increases in home values, even in the face of rising interest rates, indicate a robust local real estate market that may continue to see growth in the coming years.
