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Zip Code 14210: Rising Home Values and Shifting Ownership in Buffalo's Dynamic Real Estate Market
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 14210, located in Buffalo, New York, covers an area of 3.87 square miles. This urban neighborhood has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade.
The homeownership rate in zip code 14210 has remained relatively stable, fluctuating between 46% and 52% from 2013 to 2022. Meanwhile, average home prices have seen a substantial increase. In 2013, the average home price was $49,477, which steadily rose to $150,754 by 2022, representing a remarkable 204.7% increase over this period. This trend suggests that while homeownership rates remained relatively constant, property values in the area appreciated significantly.
Federal interest rates have played a role in shaping homeownership trends in zip code 14210. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 48%. As interest rates remained low through 2020 (0.38%), homeownership reached its peak at 52%. However, as interest rates began to rise in 2021 and 2022, reaching 1.68% by the end of 2022, homeownership rates slightly declined to 47%, illustrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 14210 have mirrored homeownership rates, ranging from 48% to 54% between 2013 and 2022. Average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $733, which increased to $810 by 2021, representing a 10.5% rise. Interestingly, there was a decrease in average rent to $741 in 2022, possibly due to market adjustments or changes in the local economy. The population in the zip code has also fluctuated, reaching 15,292 in 2022, which may have influenced rental demand and prices.
In 2023, the average home price in zip code 14210 continued to rise, reaching $157,444, a 4.4% increase from 2022. This trend persisted into 2024, with average home prices climbing to $164,407, marking a 4.4% increase from 2023. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may impact future homeownership rates and property values in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 14210 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $190,000 to $200,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching $850 to $900 by 2029, assuming steady economic growth and continued demand for rental properties in the area.
In summary, zip code 14210 has experienced significant appreciation in property values over the past decade, with average home prices more than tripling from 2013 to 2024. Despite fluctuations in federal interest rates, homeownership rates have remained relatively stable. The rental market has shown resilience, with generally increasing average rents, although with some recent volatility. The continued rise in both home prices and interest rates in 2023 and 2024 suggests a dynamic real estate market in this Buffalo neighborhood, with potential for further growth in both the homeownership and rental sectors in the coming years.
