Loading Content...
ZIP Code 14173: Yorkshire's Shifting Home Values and Ownership Trends
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 14173, located in Yorkshire, New York, presents an intriguing case study of homeownership and rental market dynamics in a small community. This area has experienced significant fluctuations in homeownership rates and average rent prices over the past decade, with a general trend towards increased homeownership in recent years.
The ownership percentage in zip code 14173 has shown a remarkable upward trend, particularly from 2020 to 2022. In 2020, the homeownership rate stood at 66%, but by 2022, it had climbed to an impressive 81%. This substantial increase in homeownership occurred despite the absence of average home price data for most of the period. However, the limited data available shows that average home prices in 2023 were $161,285, slightly decreasing to $159,551 in 2024.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend observed nationwide. As interest rates remained low from 2020 to 2021 (0.38% and 0.08% respectively), homeownership rates increased from 66% to 80%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. However, it's noteworthy that homeownership continued to increase slightly to 81% in 2022, despite a significant rise in interest rates to 1.68%.
Regarding rental trends, the percentage of renters in zip code 14173 has decreased significantly over recent years. In 2019, renters made up 42% of the population, but this figure dropped to just 19% by 2022. Interestingly, average rent prices have shown considerable volatility during this period. Average rent reached a peak of $672 in 2019, dropped to $577 in 2020, further decreased to $403 in 2021, and then rose again to $481 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex interplay of factors affecting the local rental market.
Looking at the most recent data, the average home price in zip code 14173 was $161,285 in 2023 and slightly decreased to $159,551 in 2024. This minor decline occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These figures indicate a relatively stable housing market in the face of rising interest rates.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 14173 may continue to show modest fluctuations but are likely to remain relatively stable. The high homeownership rate and recent price stability suggest a mature market with limited room for dramatic price increases. Average rent prices, given their recent volatility, may continue to fluctuate but are expected to stabilize as the rental market adjusts to the decreased renter population.
In summary, zip code 14173 has experienced a significant shift towards homeownership in recent years, with the rate increasing from 66% to 81% between 2020 and 2022. This trend occurred alongside fluctuating rent prices and a decreasing renter population. The stability in recent average home prices, despite rising interest rates, indicates a resilient local housing market. These trends suggest a community transitioning towards a predominantly owner-occupied housing landscape, with potential implications for future development and community dynamics.
