Loading Content...
Zip Code 14519: Ontario's Evolving Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ontario, located in zip code 14519 in New York state, presents an interesting case study in housing trends. This suburban area has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic and demographic changes in the region.
The homeownership rate in Ontario has shown a slight overall decline from 2013 to 2022, with some fluctuations. In 2013, the area boasted a high 87% homeownership rate, which gradually decreased to 78% by 2018. However, there was a rebound to 83% in 2022. This trend coincides with significant changes in average home prices. The average home price in the area rose from $153,655 in 2013 to $261,897 in 2022, representing a substantial 70.4% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in Ontario. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, above 80%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a corresponding dip in homeownership rates, reaching a low of 78% in 2018. The subsequent drop in interest rates in 2020 and 2021 to near-zero levels coincided with a recovery in homeownership rates, climbing back to 83% by 2022.
Renter percentages in Ontario have generally mirrored the inverse of homeownership trends. The renter population increased from 13% in 2013 to a peak of 22% in 2018, before settling at 17% in 2022. Average rent prices have shown a consistent upward trend, rising from $779 in 2013 to $1,098 in 2022, a 41% increase. This rise in rent prices occurred despite fluctuations in the renter population, suggesting other factors such as overall housing demand and economic conditions were influential.
In 2023 and 2024, Ontario experienced continued growth in average home prices, reaching $284,861 in 2023 and $302,694 in 2024. This represents a significant 15.6% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. These high interest rates could potentially impact future homeownership rates and property values in the area.
Looking ahead, predictive models suggest that average home prices in Ontario may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and overall housing market conditions. The interplay between rising property values and interest rates will likely be a key factor in shaping future homeownership trends in the area.
In summary, Ontario has witnessed a complex interplay of homeownership rates, property values, and rental market dynamics over the past decade. The area has seen substantial growth in both average home prices and rent, with homeownership rates showing resilience despite some fluctuations. The recent sharp increase in interest rates, coupled with continued property value appreciation, sets the stage for an intriguing housing market scenario in the coming years.
