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Zip Code 14527: Rising Home Values and Stable Ownership in Penn Yan, NY
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 14527, located in Penn Yan, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its picturesque Finger Lakes setting, has seen a generally stable homeownership rate with some fluctuations, while average home prices have shown a consistent upward trend.
The homeownership rate in zip code 14527 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 75%, and by 2022, it was at 73%. During this period, average home prices increased significantly, rising from $160,353 in 2013 to $270,458 in 2022, representing a 68.7% increase over nine years. This trend suggests that despite rising home prices, residents in the area have maintained a strong tendency towards homeownership.
Federal interest rates have played a role in homeownership trends in zip code 14527. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, fluctuating between 72% and 75%. As interest rates began to rise more noticeably from 2017 (1%) to 2019 (2.16%), the homeownership rate showed resilience, even slightly increasing to 75% in 2019. This suggests that other local factors may have counterbalanced the potential negative impact of rising interest rates on homeownership.
Renter percentages and average rent prices in zip code 14527 have shown some interesting patterns. The percentage of renters increased from 25% in 2013 to 29% in 2020, before slightly decreasing to 27% in 2022. Average rent prices have generally trended upward, rising from $762 in 2013 to $836 in 2021, an increase of 9.7%. However, there was a notable decrease in average rent to $721 in 2022, representing a 13.8% drop from the previous year. This drop in rent prices occurred despite a slight decrease in the renter population percentage, which could indicate changes in local economic conditions or housing supply.
In 2023 and 2024, average home prices in zip code 14527 continued their upward trajectory, reaching $281,603 in 2023 and $291,550 in 2024. This represents a 4.1% increase from 2022 to 2023 and a further 3.5% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, levels not seen since 2007. Despite these high interest rates, home prices continued to appreciate, suggesting strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 14527 to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the market adjusts to recent fluctuations. The area's consistent appeal and the general trend of rising property values in the region support this outlook.
In summary, zip code 14527 has demonstrated a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. The area has shown resilience in the face of changing interest rates and economic conditions, maintaining a strong preference for homeownership. The recent surge in home prices, even amidst rising interest rates, indicates a potentially strong local economy and continued demand for housing in this picturesque New York village.
