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Zip Code 14072: Steady Home Values and High Ownership Rates in Grandyle Village
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14072, located in Grandyle Village, New York, has experienced significant shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight trend towards increased renting in recent years. The average home and rent prices have shown substantial growth, reflecting the dynamic real estate market in this region.
The homeownership rate in zip code 14072 has remained relatively stable, with a slight downward trend in recent years. In 2013, the area boasted an 80% homeownership rate, which increased to 82% by 2016. However, by 2022, this figure had decreased to 79%. Interestingly, this slight decline in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $184,156, which steadily rose to $330,825 by 2022, representing a substantial 79.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates increased slightly. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding slight decrease in homeownership rates. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
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The renter percentage in zip code 14072 has shown a gradual increase over the years, rising from 16% in 2013 to 21% in 2022. This increase in renters has been accompanied by a significant rise in average rent prices. In 2013, the average rent was $1,040, which increased to $1,246 by 2022, representing a 19.8% increase. The population growth from 20,428 in 2013 to 21,374 in 2022 may have contributed to the increased demand for rental properties, potentially driving up rent prices.
Looking at the most recent data, the average home price in zip code 14072 reached $345,538 in 2023 and further increased to $355,544 in 2024. This represents a continued upward trend in property values. Notably, the federal interest rate also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14072 will continue to rise, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 14072 has demonstrated a robust real estate market with steadily increasing property values and rent prices. While homeownership rates have slightly decreased in recent years, they remain high at around 79%. The area has seen significant population growth and a gradual shift towards more rental occupancy. The interplay between federal interest rates, property values, and occupancy trends suggests a dynamic and evolving real estate landscape in this New York community.
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