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Zip Code 14541: Rising Home Values and Stable Ownership in Romulus, 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 14541, located in Romulus, New York, presents an interesting case study of housing trends in a rural area. Over the past decade, this region has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic and demographic changes.
The homeownership rate in zip code 14541 has remained relatively stable over the years, with a slight decrease from 76% in 2013 to 72% in 2020, before rebounding to 76% in 2022. During this period, average home prices have shown a consistent upward trend. In 2010, the average home price was $155,062, which steadily increased to $304,865 by 2022, representing a significant 96.6% increase over 12 years. This rise in home values, despite minor fluctuations in homeownership rates, suggests a strong local housing market and potentially increasing desirability of the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 14541. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates remained stable at around 76%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 75% in 2019. The sudden drop in interest rates to 0.38% in 2020 coincided with a further decrease in homeownership to 72%, likely due to broader economic uncertainties during the pandemic.
Renter percentages in zip code 14541 have shown minimal fluctuation, ranging from 23% to 28% between 2013 and 2022. Average rent prices, however, have experienced more volatility. In 2013, the average rent was $1,017, which decreased to $871 in 2016, before rising again to $1,020 in 2021, and then slightly dropping to $949 in 2022. This represents a 6.7% decrease in average rent over the nine-year period, despite the overall increase in home values. The population decline from 4,454 in 2013 to 3,452 in 2022 may have contributed to this trend, potentially reducing demand for rental properties.
In 2023 and 2024, the housing market in zip code 14541 continued its upward trajectory. The average home price reached $322,143 in 2023 and further increased to $336,812 in 2024, marking a 10.5% rise over two years. This growth occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in the local housing market.
Looking ahead, predictive models suggest a continued increase in average home prices for zip code 14541 over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $380,000 by 2029. Average rent prices are predicted to stabilize and potentially increase moderately, reaching around $1,100 by 2029, as the market adjusts to population changes and housing demand.
In summary, zip code 14541 has demonstrated resilience in its housing market, with steadily increasing home values despite population decline and fluctuating interest rates. The area maintains a high rate of homeownership, although it has experienced slight variations. The rental market has shown more volatility, with recent trends suggesting a potential stabilization. These patterns indicate a complex interplay of local and macroeconomic factors shaping the housing landscape in this rural New York community.
