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Zip Code 14067: Rising Home Values and High Ownership in Gasport, 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 14067, located in Gasport, New York, presents an intriguing case study of homeownership and housing market trends. This area has experienced fluctuations in both ownership percentages and average home prices over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in zip code 14067 has shown a notable increase in recent years, rising from 79% in 2018 to 88% in 2022. This significant jump of 9 percentage points indicates a strong shift towards homeownership in the area. Concurrently, average home prices have also seen a substantial increase. In 2018, the average home price was $146,421, which rose to $208,196 by 2022, representing a 42% increase over this four-year period. This parallel growth in homeownership rates and home values suggests a robust housing market in the area, with increasing demand for owned properties.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14067. The period from 2018 to 2021 saw historically low interest rates, dropping from 1.83% in 2018 to a mere 0.08% in 2021. This low-interest environment likely contributed to the surge in homeownership, as it made mortgages more affordable and attractive to potential buyers. The increase in homeownership from 79% in 2018 to 82% in 2021 aligns with this period of low interest rates.
Regarding rental trends, the percentage of renters in zip code 14067 has decreased from 21% in 2018 to 12% in 2022, mirroring the increase in homeownership. Interestingly, despite the declining renter population, average rent prices have shown some volatility. In 2018, the average rent was $662, which increased to $798 in 2021, before dropping slightly to $696 in 2022. This fluctuation in rent prices, despite a decreasing renter population, could indicate a complex interplay of factors such as housing quality improvements or broader economic influences affecting the rental market.
Looking at the most recent data, average home prices in zip code 14067 continued to rise in 2023 and 2024, reaching $213,251 and $220,641 respectively. This represents a steady increase of about 3.5% year-over-year. Simultaneously, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership trends, as higher borrowing costs could make purchasing homes less affordable for some buyers.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices in zip code 14067, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $250,000 by 2029. Rent prices are expected to stabilize and potentially increase moderately, possibly reaching an average of $750-$800 per month in the next five years, assuming economic conditions remain stable.
In summary, zip code 14067 has demonstrated a strong trend towards homeownership, with significant increases in both the percentage of homeowners and average home values. The area has benefited from a period of low interest rates, which likely fueled the housing market growth. However, the recent spike in interest rates may lead to a moderation in both homeownership rates and price appreciation in the coming years. The rental market, while shrinking, has shown resilience in terms of average rents, indicating a potentially complex local housing ecosystem.
