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Zip Code 14068: Rising Home Values and Stable Ownership in University at Buffalo
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
University at Buffalo, located in zip code 14068 in New York, has experienced significant changes in its housing market over the past decade. This area, known for its academic environment, has seen fluctuations in homeownership rates and property values, reflecting broader economic trends and local dynamics.
The ownership percentage in zip code 14068 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate was 72%, and by 2022, it had increased slightly to 73%. During this period, average home prices saw a substantial increase. In 2013, the average home price was $213,279, and by 2022, it had risen to $380,066, representing a 78.2% increase over nine years. This trend suggests that despite rising property values, the area has maintained a consistent level of homeownership.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 72% to 73%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, suggesting other factors may have influenced local housing decisions.
Renter percentages in zip code 14068 have shown a slight decrease over time, moving from 28% in 2013 to 27% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,196, which decreased to $792 in 2018 before rising again to $900 in 2022. This represents a 24.7% decrease in average rent from 2013 to 2022, despite the overall population growth from 7,037 in 2013 to 8,049 in 2022. The decrease in average rent prices, coupled with a slight decrease in renter percentages, suggests a complex interplay of factors affecting the rental market in this area.
Looking at the most recent data, the average home price in zip code 14068 reached $403,258 in 2023 and further increased to $419,139 in 2024. This represents a 10.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $480,000 by 2029. For rent prices, we expect a gradual increase, potentially reaching around $1,000 per month by 2029, assuming economic conditions remain stable and population growth continues.
In summary, zip code 14068 has demonstrated resilience in its housing market. Despite significant increases in average home prices, homeownership rates have remained stable. The rental market has seen interesting fluctuations, with decreasing average rents despite population growth. Recent sharp increases in interest rates and continued growth in home prices suggest a potentially changing landscape for both homeowners and renters in the coming years.
