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Zip Code 14525: Rising Home Values and Shifting Ownership in Pavilion, New York
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 14525, located in Pavilion, New York, has experienced significant changes in its housing market over the past decade. This area, covering 45.51 square miles, has maintained a relatively stable population while seeing notable shifts in homeownership rates and housing prices. The homeownership rate in zip code 14525 has shown a slight decline, moving from 87% in 2013 to 85% in 2022. Concurrently, average home prices have risen substantially, increasing from $116,760 in 2013 to $200,516 in 2022, representing a 71.7% increase over nine years. This inverse relationship between ownership percentage and average home prices suggests that rising home values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% coincided with stable homeownership rates of 85-87%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 85%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 14525 has grown from 13% in 2013 to 15% in 2022. Average rent prices have fluctuated during this period, starting at $778 in 2013, decreasing to $684 in 2017, and rising again to $783 in 2022. This represents a modest 0.6% increase in average rent over the nine-year period, significantly lower than the growth in home prices. The relatively stable rent prices, despite the increase in the renter population, may indicate a balanced rental market or potential rent control measures in the area.
Recent data shows that the average home price in zip code 14525 continued to rise, reaching $203,442 in 2023 and $208,097 in 2024, a 3.8% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, average home prices in zip code 14525 are anticipated to continue rising, potentially reaching around $240,000 by 2029. This projection is based on the historical growth rate and assumes no major economic disruptions. For average rent prices, a more modest increase is expected, potentially reaching approximately $850 by 2029, considering the historical trend of slower rent price growth in the area.
In summary, zip code 14525 has experienced a notable increase in average home prices over the past decade, coupled with a slight decrease in homeownership rates. The rental market has remained relatively stable in terms of pricing, despite a small increase in the renter population. The recent surge in interest rates, combined with rising home prices, may continue to influence the balance between homeownership and renting in this area in the coming years.
