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Zip Code 13140: Port Byron's Rising Home Values and Shifting Ownership Along the Erie Canal
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 13140, located in Port Byron, New York, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has seen a gradual decline in homeownership rates alongside significant increases in both home values and rental costs.
The homeownership rate in zip code 13140 has shown a steady decrease from 85% in 2014 to 79% in 2022. During this same period, average home prices have risen substantially. In 2014, the average home price was $92,006, which increased to $149,921 by 2022, representing a 63% rise over eight years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents in the area.
Federal interest rates have played a role in homeownership trends. From 2014 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. Despite these favorable borrowing conditions, homeownership still declined, indicating that other factors, such as rising home prices, may have had a stronger influence on homeownership rates in this zip code.
As homeownership decreased, the percentage of renters in zip code 13140 increased from 15% in 2014 to 21% in 2022. Concurrently, average rent prices rose from $778 in 2014 to $812 in 2022, an increase of about 4.4%. The population in the zip code remained relatively stable during this period, fluctuating between 4,200 and 4,500 residents. The combination of a stable population and increasing rental rates suggests a growing demand for rental properties in the area.
In 2023, the average home price in zip code 13140 reached $157,362, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $167,603, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values, even as interest rates have climbed to their highest levels in over a decade.
Looking ahead, predictive models suggest that average home prices in zip code 13140 may continue to rise over the next five years, potentially reaching around $190,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 13140 has experienced a decline in homeownership rates coupled with significant increases in average home prices over the past decade. The rental market has grown, with both the percentage of renters and average rent prices rising. Despite higher interest rates in recent years, home values continue to appreciate, suggesting a strong local real estate market. These trends point to a shifting housing landscape in Port Byron, with potential implications for affordability and housing choices for residents in the coming years.
