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Zip Code 14132: High Homeownership and Rising Home Values in Sanborn, 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 14132, located in Sanborn, New York, presents an interesting case study of homeownership and rental trends over the past decade. This area has experienced notable fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local market dynamics. The homeownership rate in zip code 14132 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 87%, and by 2022, it had decreased slightly to 85%. During this period, average home prices showed a consistent upward trend. In 2013, the average home price was $141,009, and by 2022, it had increased significantly to $260,814, representing an impressive 85% growth over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14132. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), the homeownership rate remained high, fluctuating between 87% and 91%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership, dropping from 86% in 2017 to 85% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 14132 have shown a gradual increase over the years, rising from 10% in 2013 to 15% in 2022. This trend has been accompanied by a significant increase in average rent prices. In 2013, the average rent was $757, which rose to $1,173 by 2022, marking a 55% increase. The population of the area has fluctuated during this period, from 5,852 in 2013 to 5,669 in 2022, suggesting that the increase in rental demand may be driven by factors other than population growth, such as changing housing preferences or economic conditions.
The most recent data for 2023 and 2024 shows a continued upward trend in average home prices in zip code 14132. In 2023, the average home price reached $274,476, and in 2024, it further increased to $283,738. This represents a 3.4% year-over-year increase from 2023 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 14132. Assuming the current growth rate continues, average home prices could potentially reach around $330,000 to $350,000 by 2029. For rent prices, if the current trend persists, we might see average rents in the range of $1,400 to $1,500 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 14132 has experienced a steady increase in both average home prices and rent prices over the past decade, despite relatively stable homeownership rates. The area has shown resilience in maintaining high homeownership levels even as interest rates have fluctuated. The gradual increase in renter percentages, coupled with rising rent prices, suggests a growing demand for rental properties in the area. As we move forward, the interplay between interest rates, housing prices, and local economic factors will continue to shape the real estate landscape in this New York community.
