Loading Content...
Zip Code 14042: Rising Home Values and Ownership Rates in Rural New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14042, located in Lime Lake, New York, presents an intriguing landscape of homeownership and rental trends. This rural area has experienced significant shifts in its housing market over the past decade, with a notable increase in homeownership rates and fluctuating average home and rent prices. The trend of homeownership in zip code 14042 has shown a steady increase, particularly in recent years. In 2013, the homeownership rate stood at 74%, and by 2022, it had risen to 82%. This 8 percentage point increase coincides with a substantial rise in average home prices. In 2013, the average home price was $97,398, and by 2022, it had climbed to $165,727, representing a 70% increase over this period. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
The relationship between federal interest rates and homeownership rates in zip code 14042 follows a generally inverse pattern. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates held steady at around 75%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), we paradoxically saw homeownership rates continue to increase, reaching 76% by 2019. This trend continued into 2022, with homeownership hitting 82% despite interest rates climbing to 1.68%, suggesting that other local factors may be influencing homeownership decisions in this area.
Conversely, the percentage of renters in zip code 14042 has decreased from 26% in 2013 to 18% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. In 2013, the average rent was $599, increasing to $781 by 2022, a 30% rise. This trend of increasing rent prices despite a shrinking renter population could be attributed to various factors, including improved housing quality or a shortage of rental properties in the area.
Looking at the most recent data, the average home price in zip code 14042 for 2023 was $171,024, and in 2024 it reached $175,898. This represents a continued upward trend in home values, with a 2.85% increase from 2023 to 2024. Notably, federal interest rates also saw a significant increase, rising from 5.02% in 2023 to 5.33% in 2024, which could potentially impact future homeownership rates and home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14042 will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of about $850 per month by 2029, assuming the current trends continue.
In summary, zip code 14042 has experienced a significant shift towards homeownership, with a concurrent rise in both home values and rent prices. The area has shown resilience in maintaining strong homeownership growth even in the face of rising interest rates. The continued increase in average home prices, coupled with the steady decline in the renter population, suggests a robust and desirable housing market in this rural New York community.
