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Zip Code 14551: Rising Home Values and Ownership Trends in Lakeside Sodus, 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 14551, located in Sodus, New York, presents an interesting case study in homeownership and rental trends. This area has experienced significant shifts in both ownership percentages and average home prices over the past decade, with a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 14551 has shown a notable increase from 75% in 2016 to 80% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices, which grew from $93,418 in 2016 to $143,476 in 2022, representing a 53.6% increase over six years. This correlation suggests that despite rising home values, more residents in the area have been able to enter the housing market as owners.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14551. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the increase in homeownership from 75% to 82% during this time. The exceptionally low rate of 0.08% in 2021 coincided with the peak homeownership rate of 82%, demonstrating how favorable financing conditions can stimulate home buying activity.
Conversely, the renter percentage in zip code 14551 has decreased from 25% in 2016 to 19% in 2022. This decline in renters has occurred alongside fluctuations in average rent prices. Average rent peaked at $851 in 2017 before declining to $693 in 2022, a 18.6% decrease. The population of the area has also decreased from 5,534 in 2016 to 5,441 in 2022, which may have contributed to the softening rental market and the shift towards homeownership.
In 2023 and 2024, average home prices in zip code 14551 continued their upward trajectory, reaching $152,966 and $162,707 respectively. This represents a 13.4% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, hitting 5.02% in 2023 and 5.33% in 2024. Despite these higher rates, which typically discourage home buying, the local housing market has shown resilience with continued price appreciation.
Looking ahead, predictive models suggest that average home prices in zip code 14551 are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices, which have been volatile in recent years, may stabilize or see modest increases as the rental market adjusts to the shifting balance between owners and renters in the area.
In summary, zip code 14551 has experienced a significant increase in homeownership rates and average home prices over the past decade, defying the challenges posed by rising interest rates in recent years. The area has seen a concurrent decrease in renter percentages and fluctuating rent prices. These trends point to a transforming housing landscape in Sodus, with a growing preference for homeownership among residents despite the rising cost of entry into the property market.
