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Zip Code 14136: Rising Home Values and Stable Ownership in Silver Creek, 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 14136, located in Silver Creek, New York, presents an interesting case study in real estate trends over the past decade. This area has experienced notable fluctuations in homeownership rates and property values, reflecting broader economic shifts and local market dynamics. Overall, the data reveals a trend towards increased homeownership and rising average home prices, with some variations in average rent prices.
The homeownership rate in zip code 14136 has shown a generally upward trend from 2013 to 2022. In 2013, 81% of residents were homeowners, which dipped slightly to 78% in 2014 and 2016. However, by 2022, the homeownership rate had rebounded to 81%. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $87,579, which remained relatively stable until 2015. From 2016 onwards, there was a consistent year-over-year increase, with the average home price reaching $158,344 in 2022, representing an impressive 80.8% increase over the 2013 figure.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), homeownership rates remained relatively stable around 78-81%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, one might expect a decrease in homeownership. However, the data shows that homeownership rates actually increased during this period, reaching 84% in 2020 before settling at 81% in 2022. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership rates than interest rates alone.
Renter percentages in zip code 14136 have generally decreased over the observed period, from 19% in 2013 to 16% in 2020, before rising slightly to 19% in 2022. Average rent prices have shown some volatility but with an overall upward trend. In 2013, the average rent was $736, which decreased to $705 in 2017. However, from 2018 onwards, there was a steady increase, with average rent reaching $860 in 2022, representing a 16.8% increase from 2013. It's worth noting that the population in this zip code decreased from 4,800 in 2013 to 4,743 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 14136 continued its upward trajectory, reaching $169,067 in 2023 and $173,960 in 2024. This represents a 6.8% increase from 2022 to 2023 and a further 2.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate a continued increase in average home prices, albeit at a potentially slower rate due to the higher interest rates. Average home prices could potentially reach around $200,000 by 2029. For average rent prices, the trend suggests a continued upward movement, potentially reaching $950-$1,000 by 2029, assuming current economic conditions persist.
In summary, zip code 14136 has demonstrated resilience in its housing market, with increasing homeownership rates and steadily rising average home prices despite fluctuations in interest rates. The rental market has shown more volatility but maintains an overall upward trend in prices. The area's ability to maintain high homeownership rates even in the face of rising interest rates suggests a strong local housing market and potentially favorable economic conditions for residents.
