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Zip Code 14214: Buffalo's Rising Home Values and Steady Ownership Rates
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 14214, an urban neighborhood in Buffalo, New York, spans 3.31 square miles and has experienced significant changes in its housing market over the past decade. This area has seen substantial increases in average home prices, while homeownership rates have remained relatively stable and rent prices have shown moderate growth.
The homeownership rate in zip code 14214 has fluctuated slightly between 43% and 47% from 2013 to 2022. Despite this stability, average home prices have increased dramatically. In 2013, the average home price was $110,984, rising to $243,911 by 2022, representing a 120% increase over nine years. This trend indicates that while the proportion of homeowners remained relatively constant, property values in the area appreciated significantly.
The relationship between federal interest rates and homeownership rates in this zip code does not show a strong correlation. For example, in 2013, when interest rates were at 0.11%, the homeownership rate was 47%. In 2022, with interest rates at 1.68%, the homeownership rate was 46%. This suggests that local factors may have a more significant influence on homeownership in this area than national interest rates.
Renter percentages in zip code 14214 have shown slight variations, ranging from 53% to 57% between 2013 and 2022. Average rent prices have generally increased during this period, albeit at a slower pace compared to home prices. In 2013, the average rent was $817, rising to $887 by 2022, an increase of about 8.6% over nine years. The population in the zip code has also grown from 20,415 in 2013 to 22,715 in 2022, which may have contributed to the upward pressure on rent prices.
In 2023, the average home price in zip code 14214 reached $251,933, continuing the upward trend. As of 2024, the average home price has further increased to $262,678, representing a 4.3% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Looking ahead, based on the historical data and current trends, average home prices in zip code 14214 are likely to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and rising property values. However, the rate of increase for rent prices may be more moderate compared to home prices.
In summary, zip code 14214 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced steady population growth, which has likely contributed to rising property values and rent prices. The substantial appreciation in home values, combined with relatively stable homeownership rates, suggests a strong local housing market. Future trends will likely depend on the interplay between population growth, economic conditions, and interest rates.
