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Zip Code 14546: Rising Home Values and Stable Ownership in Scottsville, 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 14546, encompassing Scottsville in New York, presents an interesting case study of real estate trends in a small, rural community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 14546 has shown a slight downward trend over the years, decreasing from 76% in 2013 to 72% in 2022. This change coincides with a significant increase in average home prices, which rose from $130,877 in 2013 to $214,331 in 2022, representing a 63.8% increase over nine years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14546. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which coincided with relatively stable homeownership rates around 75-76%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a gradual decline in homeownership rates to 72%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The rental market in zip code 14546 has shown interesting trends as well. The percentage of renters increased from 24% in 2013 to 28% in 2022. During this period, average rent prices experienced substantial growth, rising from $885 in 2013 to $1,007 in 2022, a 13.8% increase. The population of the area remained relatively stable during this time, fluctuating between 5,778 and 6,139 residents. The simultaneous increase in both renter percentage and average rent prices, despite a stable population, suggests a growing demand for rental properties in the area, possibly driven by the rising costs of homeownership.
Looking at the most recent data, average home prices in zip code 14546 continued their upward trajectory, reaching $229,262 in 2023 and $240,625 in 2024. This represents a further 12.3% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with increasing home prices, may further impact homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14546 will continue to rise, potentially reaching around $280,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes relatively stable economic conditions. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,300 by 2029, reflecting the historical growth rate and local market dynamics.
In summary, zip code 14546 has experienced a gradual shift towards renting, with homeownership rates declining as both average home prices and average rent prices have increased. The interplay between federal interest rates, property values, and housing affordability has shaped these trends. As the area continues to evolve, it will be crucial to monitor how these factors influence the local real estate market and community demographics in the coming years.
