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Zip Code 14480: Rising Home Values and Ownership Rates in Conesus Lake's Lakeside Community
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 14480, located in Conesus Lake, New York, presents an intriguing case study of real estate trends in a small lakeside community. Over the past decade, this area has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 14480 has shown a notable increase in recent years, rising from 72% in 2015 to 84% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2015, the average home price was $165,478, but by 2022, it had surged to $270,378, representing a 63% increase over seven years. This parallel growth suggests a strong correlation between rising home values and increased homeownership in the area.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite historically low interest rates from 2015 to 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable until 2019, hovering around 74-75%. However, a significant jump in homeownership occurred between 2019 and 2020, rising from 75% to 83%, coinciding with a sharp drop in interest rates from 2.16% to 0.38%. This suggests that the extremely low interest rates may have played a role in encouraging homeownership during this period.
Renter percentages in zip code 14480 have shown an inverse relationship to homeownership rates, decreasing from 28% in 2015 to 16% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2015, the average rent was $826, rising to a peak of $898 in 2021 before declining to $785 in 2022. The decrease in renter percentages, coupled with the recent drop in average rent, may indicate a shift in housing preferences or economic conditions favoring homeownership in this area.
Looking at the most recent data, average home prices in zip code 14480 continued to rise in 2023 and 2024, reaching $294,728 and $303,570 respectively. This represents a 12.3% increase from 2022 to 2024. Notably, these price increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14480 will continue to increase, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, we project average home prices could reach approximately $350,000 to $375,000 by 2029. For rent prices, the forecast suggests a moderate upward trend, potentially reaching an average of $900 to $950 per month by 2029, assuming economic conditions remain stable and housing demand in the area persists.
In summary, zip code 14480 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. The inverse relationship between homeownership and renter percentages, coupled with fluctuating rent prices, suggests a dynamic local real estate market responsive to broader economic conditions and potentially changing community preferences.
