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Rising Home Values and Stable Ownership in Zip Code 14445: East Rochester'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
East Rochester, located in zip code 14445 in New York state, has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership versus renting, and their relationship to average housing and rent prices in this area. The homeownership rate in East Rochester has shown slight fluctuations over the years, with a general trend towards increased ownership. In 2013, the homeownership rate was 61%, and by 2022, it had increased to 62%. During this period, average home prices in the area have seen significant growth. In 2013, the average home price was $99,343, and by 2022, it had risen to $169,949, representing a substantial increase of 71% over nine years.
The relationship between federal interest rates and homeownership rates in East Rochester shows some correlation. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 59-61%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 62%, suggesting that other local factors may have influenced homeownership decisions in this area.
Regarding rental trends, the percentage of renters in East Rochester has fluctuated over the years. In 2013, 39% of residents were renters, and this figure remained the same in 2022. However, average rent prices have shown a steady increase during this period. In 2013, the average rent was $813, and by 2022, it had risen to $930, representing a 14.4% increase over nine years. This increase in rent prices, coupled with a stable renter population, suggests a tightening rental market in the area.
Looking at the most recent data for 2023 and 2024, we see that average home prices in East Rochester have continued to rise significantly. In 2023, the average home price reached $184,764, and in 2024, it further increased to $201,182. This represents a substantial 18.4% increase from 2022 to 2024. Concurrently, federal interest rates have also risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in East Rochester will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $240,000 to $260,000, assuming a moderate annual growth rate of 4-5%. For rent prices, we predict a continued upward trend, with average rents potentially reaching $1,100 to $1,200 by 2029, based on historical growth patterns and local economic factors.
In summary, East Rochester has experienced significant growth in both average home prices and rent prices over the past decade. Homeownership rates have remained relatively stable with a slight upward trend, despite fluctuations in federal interest rates. The recent sharp increase in both home prices and interest rates in 2023 and 2024 may lead to changing dynamics in the local housing market. As we look towards the future, continued monitoring of these trends will be crucial for understanding the evolving housing landscape in this New York community.
