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Zip Code 14485: Lima'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
Lima, located in zip code 14485 in New York state, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small community, with a population of 4,229 in 2022, has maintained a high rate of homeownership while navigating fluctuating housing market conditions.
The trend in homeownership percentages in Lima has shown remarkable stability with a slight upward trajectory. In 2013, the homeownership rate stood at 78%, and by 2022, it had increased to 80%. This 2% increase over a decade demonstrates a strong preference for homeownership in the community. Concurrently, average home prices have seen substantial growth. In 2013, the average home price was $137,671, which steadily rose to $228,666 by 2022, representing an impressive 66% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Lima. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. This coincided with a slight dip in homeownership to 74% in 2015, possibly due to increased investor activity in the real estate market. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Lima rebounded and strengthened, reaching the peak of 80% in 2022. This trend suggests that rising interest rates may have motivated more residents to secure home purchases before further rate increases.
Renter percentages in Lima have inversely mirrored homeownership rates, declining from 22% in 2013 to 20% in 2022. Despite this decrease in the renter population, average rent prices have shown volatility with an overall upward trend. In 2013, the average rent was $736, which fluctuated over the years, reaching $831 in 2022, an increase of about 13%. This rise in rent prices, despite a decreasing renter population, could be attributed to factors such as improved rental property quality or increased demand for the limited rental stock available.
In 2023 and 2024, Lima has seen continued growth in average home prices, reaching $245,632 in 2023 and further increasing to $257,625 in 2024. This represents a 12.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in Lima will continue to rise over the next five years, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching about $900 per month by 2029. These predictions assume continued economic stability and sustained demand for housing in the area.
In summary, Lima (zip code 14485) has maintained a strong homeownership culture, with rates increasing to 80% by 2022. The community has experienced significant growth in average home prices, particularly in recent years, with values more than doubling since 2013. Despite fluctuations, rental prices have also trended upward, though at a slower pace than home values. The interplay between federal interest rates, homeownership rates, and housing prices suggests a dynamic and resilient local real estate market poised for continued growth in the coming years.
