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Zip Code 14450: Rising Home Values and Stable Ownership in Fairport, 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 14450, located in Fairport, New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its picturesque Erie Canal waterfront and vibrant community, has seen a general trend of increasing homeownership and rising property values.
From 2013 to 2022, the percentage of owner-occupied homes in zip code 14450 increased from 77% to 78%, indicating a slight but steady preference for homeownership. During this same period, average home prices saw a substantial rise, climbing from $189,046 in 2013 to $311,875 in 2022, representing a 65% increase. This upward trend in home prices coincided with the growing proportion of homeowners, suggesting a strong local housing market and increasing property values.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 77% to 78%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in the area remained stable at 79%, indicating other factors were also influencing the local housing market.
Renter percentages in zip code 14450 showed a slight decline from 22% in 2013 to 22% in 2022, inversely mirroring the increase in homeownership. Average rent prices, however, experienced fluctuations during this period. In 2013, the average rent was $1,147, which increased to $1,256 by 2021, before slightly decreasing to $1,172 in 2022. These changes in rent prices did not directly correlate with the declining renter percentage, suggesting that other factors, such as local economic conditions and housing supply, were influencing the rental market.
Looking at the most recent data, average home prices in zip code 14450 continued to rise, reaching $336,322 in 2023 and $357,501 in 2024. This represents a significant 14.6% increase from 2022 to 2024. Concurrently, federal interest rates also saw a substantial increase, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14450 will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $425,000 to $450,000. For rent prices, we expect a moderate increase, potentially reaching an average of $1,300 to $1,400 per month by 2029, assuming current economic conditions and housing supply trends persist.
In summary, zip code 14450 has demonstrated a strong and resilient housing market over the past decade. The area has seen a consistent trend towards homeownership, substantial increases in property values, and relatively stable rent prices. The continued rise in home prices, even in the face of higher interest rates, indicates a desirable location with sustained demand for housing. These trends suggest that Fairport remains an attractive area for both homeowners and investors, with potential for further growth in the coming years.
