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Zip Code 14028: Olcott's Rising Home Values and Strong Ownership Trends
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 14028, located in Olcott, New York, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices steadily increasing and average rent prices showing moderate fluctuations.
The ownership percentage in zip code 14028 has demonstrated a strong upward trend, rising from 83% in 2013 to 88% in 2022. This increase in homeownership coincides with a significant rise in average home prices, which grew from $123,648 in 2013 to $228,087 in 2022, representing an impressive 84.5% increase over nine years. The relationship between ownership rates and home prices suggests that despite rising costs, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends in zip code 14028. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates fluctuated between 79% and 85%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 88%, contrary to the typical expectation. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
The percentage of renters in zip code 14028 has decreased from 17% in 2013 to 12% in 2022, inversely mirroring the rise in homeownership. Average rent prices have shown moderate fluctuations during this period, starting at $857 in 2013, peaking at $905 in 2020, and then decreasing to $874 in 2022. The population of the area has remained relatively stable, decreasing slightly from 2,304 in 2013 to 2,182 in 2022, which may have contributed to the stability in rental markets despite the decreasing percentage of renters.
In 2023 and 2024, average home prices in zip code 14028 continued their upward trajectory, reaching $236,886 in 2023 and $243,242 in 2024. This represents a 3.9% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the consistent upward trend in average home prices, it's projected that this growth will continue over the next five years, potentially reaching around $280,000 by 2029. Average rent prices, which have shown more moderate fluctuations, are expected to maintain a gradual upward trend, possibly reaching $950 by 2029. However, these projections could be influenced by various economic factors and local market conditions.
In summary, zip code 14028 has demonstrated a strong trend towards homeownership, with consistently increasing average home prices despite rising interest rates. The area has maintained a high percentage of owner-occupied housing, reaching 88% in 2022, while average home prices have nearly doubled over the past decade. The rental market has shown more stability, with moderate fluctuations in average rent prices and a decreasing proportion of renters. These trends suggest a robust and desirable housing market in this area, with a clear preference for homeownership among residents.
