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Zip Code 14126: Rising Home Values and Ownership in Olcott, 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 14126, located in Olcott, New York, is a small coastal community along Lake Ontario that has experienced significant shifts in homeownership rates and property values over the past decade. The overall trend shows an increase in homeownership percentage, coupled with a substantial rise in average home prices, while average rent prices have remained relatively stable.
The homeownership rate in zip code 14126 has seen a notable increase from 2013 to 2022. In 2013, 78% of residents were homeowners, and by 2022, this figure had risen to 89%, representing an 11 percentage point increase. During this same period, average home prices in the area experienced substantial growth. In 2013, the average home price was $82,372, and by 2022, it had risen to $161,947, marking a 96.6% increase over nine years. This strong positive correlation between homeownership rates and average home prices suggests that as property values increased, more residents were motivated to become homeowners, possibly viewing real estate as a solid investment opportunity.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 14126. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates, as affordable financing options made purchasing homes more accessible. The sharp increase in interest rates in 2022 (1.68%) and 2023 (5.02%) may have contributed to the continued rise in homeownership rates, as residents rushed to secure mortgages before rates climbed further.
Renter percentages in zip code 14126 have decreased correspondingly with the rise in homeownership. In 2013, 22% of residents were renters, while by 2022, this figure had dropped to 11%. Interestingly, average rent prices remained relatively stable during this period, with only minor fluctuations. In 2013, the average rent was $857, and by 2022, it had decreased slightly to $842. This stability in rent prices, despite the declining percentage of renters, could be attributed to the area's small population and limited rental inventory.
Looking at the most recent data, the average home price in zip code 14126 continued to rise in 2023, reaching $170,189, and further increased to $173,646 in 2024. This represents a 7.2% increase from 2022 to 2024. Concurrently, federal interest rates have continued to climb, reaching 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14126 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $200,000 to $220,000. Average rent prices are expected to remain relatively stable, with potential modest increases to around $900 to $950 per month by 2029.
In summary, zip code 14126 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has maintained a strong preference for homeownership, with 89% of residents owning their homes by 2022. Despite rising interest rates, the upward trend in property values is expected to continue, albeit at a potentially slower pace. The rental market, while shrinking, has maintained stable prices, reflecting the unique dynamics of this small coastal community.
