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Zip Code 14548: Rising Home Values and High Ownership Rates in Shortsville, 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 14548, located in Shortsville, New York, presents an interesting case study in housing trends. This area has seen notable fluctuations in homeownership rates and property values over the past decade. The overall trend shows a slight increase in homeownership, coupled with a steady rise in average home prices and average rent costs.
The homeownership rate in zip code 14548 has shown resilience, with a slight upward trend over the years. In 2013, the homeownership rate stood at 84%, and by 2022, it had maintained this level despite some fluctuations in between. Interestingly, this stability in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $114,111, and by 2022, it had risen to $191,120, representing a substantial 67.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow typical patterns. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership remained stable at around 82-84%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed resilience, maintaining at 84%. This suggests that other local factors may have counterbalanced the potential negative impact of rising interest rates on homeownership.
Renter percentages in zip code 14548 have remained relatively stable, with a slight decrease over time. In 2013, the renter-occupied rate was 16%, and by 2022, it had remained at 16% after some fluctuations. Average rent prices, however, have shown an upward trend. In 2013, the average rent was $832, and by 2022, it had increased to $881, representing a 5.9% rise. This moderate increase in rent prices, compared to the more substantial rise in home prices, may have contributed to the stability in the renter population.
Looking at the most recent data, the average home price in zip code 14548 continued its upward trajectory, reaching $205,158 in 2023 and further increasing to $215,029 in 2024. This represents a 12.5% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14548 will continue to rise, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $950 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 14548 has demonstrated a robust housing market with stable homeownership rates despite rising home prices. The area has shown resilience in the face of increasing interest rates, maintaining a high proportion of owner-occupied properties. The moderate rise in rent prices compared to home values suggests a balanced rental market. As we look to the future, the continued upward trend in both home prices and rent costs indicates a strong and potentially growing real estate market in this New York village.
