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Rising Home Values and Shifting Ownership in Zip Code 14424: Canandaigua's Picturesque 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 14424, located in Canandaigua, New York, has experienced significant changes in its housing market over the past decade. This area, known for its picturesque Finger Lakes setting, has seen shifts in homeownership rates, average home prices, and average rent prices that reflect broader economic trends and local market dynamics.
The homeownership rate in zip code 14424 has shown a gradual decline from 2013 to 2022. In 2013, 68% of residents were homeowners, but by 2022, this figure had decreased to 64%. Concurrently, average home prices have experienced significant growth. In 2013, the average home price was $183,152, and by 2022, it had risen to $292,299, representing a substantial 59.6% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 14424. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable at 68%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging home purchases.
The rental market in zip code 14424 has shown interesting trends as well. The percentage of renters increased from 32% in 2013 to 36% in 2022. Average rent prices have fluctuated over this period, with notable increases in recent years. In 2013, the average rent was $1,044, which decreased to $848 in 2016. However, by 2022, average rent had risen to $1,130, representing a 33.3% increase from the 2016 low. This upward trend in both renter percentage and average rent prices suggests growing demand for rental properties, possibly driven by those priced out of the homeownership market.
As of 2024, the average home price in zip code 14424 has reached $322,574, a 10.5% increase from 2022. This continued appreciation occurs against the backdrop of a significantly higher federal interest rate of 5.33% in 2024. These factors combined may further impact homeownership accessibility in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14424 will continue to rise over the next five years, potentially reaching around $375,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 14424 has experienced a gradual shift towards renting, with homeownership rates declining as both average home prices and average rent prices have increased. The interplay between federal interest rates, property values, and rental demand has shaped a dynamic housing market in this Canandaigua area. As the market continues to evolve, it will be crucial for residents and potential homebuyers to navigate these changing conditions.
