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Zip Code 14060: Rising Home Values and Ownership Rates in Rushford, New York
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 14060, located in Rushford, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural 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 significant growth, particularly in the last few years.
The homeownership rate in zip code 14060 has remained consistently high, increasing from 81% in 2013 to 87% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $73,354 in 2013 to $128,242 in 2022, representing a 74.8% increase over this period. The most dramatic increase occurred between 2020 and 2022, with average home prices jumping from $90,595 to $128,242, a 41.6% surge in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This favorable borrowing environment likely contributed to the steady increase in homeownership rates during this time. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in zip code 14060 remained stable at 87%, suggesting a strong preference for homeownership in this community.
The rental market in zip code 14060 has shown interesting trends in relation to the declining percentage of renters. The renter-occupied housing percentage decreased from 19% in 2013 to 12% in 2022. Despite this decline, average rent prices fluctuated over the years. Average rent increased from $712 in 2013 to a peak of $779 in 2016, before declining to $729 in 2022. This suggests that even with fewer renters, there has been sustained demand for rental properties, possibly due to limited rental inventory in this predominantly owner-occupied area.
In 2023 and 2024, average home prices in zip code 14060 continued to rise, reaching $128,866 in 2023 and $130,076 in 2024. This represents a modest but steady increase of 1.4% and 0.9% respectively, compared to the previous years. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 14060 over the next five years. Assuming a conservative annual growth rate of 2-3%, average home prices could reach approximately $145,000 to $150,000 by 2029. Average rent prices may stabilize or see modest increases, potentially reaching around $750 to $800 per month in the same timeframe, reflecting the area's strong preference for homeownership and limited rental market.
In summary, zip code 14060 has demonstrated a robust housing market characterized by high and increasing homeownership rates, significant growth in average home prices, and a relatively stable rental market despite decreasing renter percentages. The area's resilience in maintaining high homeownership rates, even in the face of rising interest rates and home prices, suggests a strong local economy and continued desirability of the area for residents.
