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Zip Code 14105: Rising Home Values and Ownership in Middleport, NY
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 14105, located in Middleport, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership, coupled with rising average home prices and fluctuating average rent costs. The ownership percentage in zip code 14105 has shown a strong upward trend, increasing from 77% in 2016 to 84% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2016, the average home price was $107,244, which rose steadily to $181,472 by 2022, representing a 69.2% increase over six years. This trend suggests a growing preference for homeownership in the area, despite the rising costs of purchasing a home. The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2016 to 2022, interest rates fluctuated, starting at 0.4% in 2016, peaking at 2.16% in 2019, and then dropping to 1.68% in 2022. Despite these fluctuations, the homeownership rate continued to climb, indicating that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership in this area.
Conversely, the percentage of renters in zip code 14105 has decreased from 23% in 2016 to 16% in 2022. During this period, average rent prices showed some volatility. The average rent was $654 in 2016, peaked at $715 in 2017, and then declined to $664 by 2022. This trend, combined with the increasing homeownership rate, suggests that more residents may be transitioning from renting to owning homes in the area. The population growth from 4,361 in 2016 to 5,079 in 2022 could also be contributing to the increased demand for homeownership.
In 2023 and 2024, the average home prices in zip code 14105 continued to rise, reaching $184,153 in 2023 and $191,098 in 2024. This represents a 5.3% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 14105 may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices, which have been more volatile, might stabilize or show modest increases, potentially reaching about $700 per month by 2029. However, these projections could be influenced by various factors, including economic conditions, local development, and broader housing market trends.
In summary, zip code 14105 has experienced a significant increase in homeownership rates and average home prices from 2016 to 2024. The area has seen a corresponding decrease in the percentage of renters, with average rent prices showing some fluctuation. The continuing rise in home prices, coupled with higher interest rates in recent years, may present both opportunities and challenges for potential homebuyers in this area in the coming years.
