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Zip Code 14521: Ovid's Resilient Homeownership and Rising Home Values
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 14521, encompassing Ovid in New York, presents an intriguing landscape of homeownership and housing market dynamics. This rural area has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 14521 has shown resilience, maintaining a relatively high level throughout the observed period. In 2013, the area boasted an impressive 81% homeownership rate. While there were some fluctuations, the rate remained consistently above 70% in subsequent years. Interestingly, as of 2022, the homeownership rate stood at 79%, nearly returning to its 2013 peak. This trend aligns with the steady increase in average home prices in the area. From 2013 to 2022, average home prices rose from $111,067 to $200,007, representing an 80% increase over the decade.
The relationship between federal interest rates and homeownership rates in zip code 14521 follows a generally inverse pattern. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained high, fluctuating between 74% and 81%. This trend supports the notion that lower interest rates tend to encourage homeownership by making mortgages more affordable. However, it's worth noting that local factors also play a significant role in homeownership trends, as evidenced by the area's consistently high ownership rates even during periods of higher interest rates.
Renter percentages and average rent prices in zip code 14521 have shown some interesting patterns. The renter-occupied percentage increased from 19% in 2013 to a peak of 31% in 2018, before declining to 21% in 2022. During this period, average rent prices fluctuated, starting at $762 in 2013, dipping to $687 in 2016, and then rising to $804 in 2022. This represents a modest 5.5% increase in average rent over the decade, significantly lower than the growth in home prices. The population of the area has remained relatively stable, with only minor fluctuations, suggesting that changes in renter percentages may be more influenced by economic factors and housing affordability than by significant demographic shifts.
In 2023 and 2024, the housing market in zip code 14521 continued its upward trajectory. The average home price reached $205,008 in 2023 and further increased to $212,365 in 2024. This represents a 3.6% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest levels in over a decade.
Looking ahead, predictive models suggest a continued upward trend in both average home and rent prices for zip code 14521 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $250,000 by 2029. Average rent prices are expected to grow more modestly, at about 2-3% per year, potentially approaching $900 by 2029.
In summary, zip code 14521 demonstrates a strong preference for homeownership, with rates consistently above 70% despite fluctuations in the housing market. The area has seen significant appreciation in home values, outpacing rent increases, which may continue to incentivize homeownership. The resilience of the local housing market, even in the face of rising interest rates, suggests a stable and desirable living environment in this New York village.
