Loading Content...
Zip Code 14129: Rising Home Values and Ownership Rates in Rural Perrysburg, NY
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14129, located in Perrysburg, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has shown a strong trend towards increased homeownership, coupled with notable fluctuations in average home and rent prices. The ownership percentage in zip code 14129 has demonstrated a steady upward trend, rising from 80% in 2013 to 87% in 2022. This increase in homeownership coincides with a substantial growth in average home prices. In 2013, the average home price was $97,737, which has since climbed to $170,080 in 2022, representing a remarkable 74% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices surging from $117,312 to $170,080, a 45% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This favorable financing environment likely contributed to the increase in homeownership rates. As interest rates remained low, more residents were able to afford mortgages, driving up both homeownership and home prices.
Conversely, the renter percentage in zip code 14129 has decreased from 17% in 2013 to 13% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2013, the average rent was $570, which increased to $713 in 2022, a 25% rise. Interestingly, there was a significant spike in average rent in 2021, reaching $861, before dropping back to $713 in 2022. This fluctuation could be attributed to changes in the local housing market or economic conditions.
In 2023 and 2024, the housing market in zip code 14129 continued to evolve. The average home price reached $178,142 in 2023, showing a further increase from 2022. However, in 2024, there was a slight decrease to $177,978. This minor downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the stabilization of home prices.
Looking ahead, based on the historical data and current trends, we can project future movements in the housing market for zip code 14129. Over the next five years, average home prices are likely to continue their upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $200,000 by 2029. Average rent prices are also anticipated to increase, potentially reaching $800-$850 per month in the same timeframe, assuming the trend of rising rents continues.
In summary, zip code 14129 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a shift towards a stronger owner-occupied housing market, with rising home values and a decreasing percentage of renters. Recent increases in interest rates may moderate price growth, but the overall trend suggests a continued appreciation in home values and rent prices in the coming years.
