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Zip Code 14416: Rising Home Values and Ownership Rates in Bergen, 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 14416, located in Bergen, New York, presents an intriguing case study of homeownership and housing market dynamics. Over the past decade, this area has experienced fluctuations in homeownership rates, with a general trend towards increased owner-occupied housing. The average home prices have shown consistent growth, while average rent prices have exhibited more variability.
The homeownership rate in zip code 14416 has seen an overall increase from 76% in 2015 to 86% in 2022. This upward trend coincides with a steady rise in average home prices, which grew from $122,033 in 2015 to $208,558 in 2022, representing a substantial 70.9% increase over seven years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents in this area have been able to transition into homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 14416. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 2.16%, which likely contributed to the increase in homeownership from 76% to 85% during this time. The historically low rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a further boost in homeownership, reaching 87% in 2021.
Renter percentages in zip code 14416 have conversely decreased from 24% in 2015 to 14% in 2022. Despite this decline, average rent prices have shown some volatility. They peaked at $810 in 2015, dropped to $721 in 2017, and then rebounded to $789 in 2022. The fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, the average home prices in zip code 14416 continued their upward trajectory, reaching $216,748 and $225,275 respectively. This represents a 3.9% increase from 2022 to 2023 and a further 3.9% rise from 2023 to 2024. Notably, federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 14416 will likely continue to rise over the next five years, potentially reaching around $260,000 by 2029. Average rent prices are expected to follow a more moderate upward trend, potentially stabilizing around $850-$900 per month. These projections assume continued economic stability and gradual population growth in the area.
In summary, zip code 14416 has demonstrated a strong trend towards increased homeownership despite rising home prices. The interplay between federal interest rates, home prices, and rent fluctuations has shaped a housing market that favors ownership. As the area moves forward, it will be crucial to monitor how these trends evolve, particularly in light of recent interest rate increases and their potential impact on housing affordability and homeownership rates.
