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Wyoming Zip Code 14591: High Homeownership and Rising Home Values in a New York Small Community
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 14591, located in Wyoming, New York, presents an intriguing case study of homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years. The average home prices have shown steady growth, while average rent prices have fluctuated over time.
The ownership percentage in zip code 14591 has remained relatively stable, with a slight increase from 84% in 2014 to 87% in 2022. During this same period, average home prices rose significantly, from $102,253 in 2014 to $186,345 in 2022, representing an 82% increase. This trend suggests a strong correlation between rising home values and sustained high homeownership rates, indicating a robust local housing market.
Federal interest rates have played a role in homeownership trends in the area. The period from 2014 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which coincided with a slight increase in homeownership from 84% to 85%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 87% in 2022. This suggests that local factors may have a stronger influence on homeownership than national interest rate trends in this particular zip code.
The renter percentage in zip code 14591 has shown a slight decline, from 16% in 2014 to 13% in 2022. Interestingly, average rent prices have increased during this period, rising from $604 in 2014 to $734 in 2022, a 22% increase. This trend, coupled with the declining renter population, suggests that the rental market may be becoming more competitive, with fewer but potentially higher-quality rental units available.
Looking at the most recent data, the average home price in zip code 14591 reached $189,157 in 2023 and further increased to $197,417 in 2024. This represents a 4.4% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years. Despite these higher interest rates, the continued rise in home prices suggests a resilient local housing market.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 14591 to continue their upward trajectory, potentially reaching around $230,000 by 2029. This projection is based on the historical growth rate and assumes similar economic conditions. Average rent prices are also likely to increase, albeit at a more moderate pace, potentially reaching approximately $800 per month by 2029.
In summary, zip code 14591 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite rising home prices. The area has shown resilience to national interest rate fluctuations, maintaining its high homeownership levels. The rental market, while smaller, has seen increasing average rents, suggesting a potential shift towards higher-quality rental properties. As we look to the future, both home prices and rents are expected to continue their upward trends, reflecting the ongoing desirability and stability of this housing market.
