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Zip Code 14610: Rising Home Values and Stable Ownership in Brighton, 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 14610, located in Brighton, New York, presents an intriguing case study of housing market dynamics. This area has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 14610 has remained relatively stable, with a slight decline observed in recent years. In 2013, the area had a 56% homeownership rate, which increased to 57% from 2014 to 2019. However, from 2020 to 2022, the rate decreased to 54%. This change coincides with significant fluctuations in average home prices. The average home price in the area rose from $158,669 in 2013 to $263,368 in 2022, representing a substantial 66% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally inverse pattern. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained steady at 54%. This stability in homeownership, despite favorable borrowing conditions, suggests that other factors such as local economic conditions or housing supply may have influenced buying decisions in the area.
Rental trends in zip code 14610 show a gradual increase in both the percentage of renters and average rent prices. The renter-occupied percentage increased from 43% in 2013 to 46% in 2022. Correspondingly, average rent prices rose from $879 in 2013 to $931 in 2022, an increase of about 5.9%. This moderate rise in rent prices, coupled with the increase in renter occupancy, indicates a growing demand for rental properties in the area, possibly driven by factors such as job market changes or shifts in housing preferences.
In 2023 and 2024, the housing market in zip code 14610 continued its upward trajectory. The average home price reached $287,530 in 2023 and further increased to $305,161 in 2024, representing a 15.9% rise over two years. This significant appreciation occurred despite the sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates typically make borrowing more expensive, yet the continued rise in home prices suggests strong demand and possibly limited housing supply in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue in zip code 14610 over the next five years. Average home prices are projected to potentially reach around $350,000 to $375,000 by 2029, assuming current market conditions persist. Average rent prices may increase to approximately $1,050 to $1,100 per month in the same period, reflecting ongoing demand for rental properties in the area.
In summary, zip code 14610 has demonstrated resilience and growth in its housing market. The area has seen a slight shift towards renting, with a modest decrease in homeownership rates. Despite this, average home prices have shown robust appreciation, particularly in recent years. The rental market has also strengthened, with both occupancy rates and prices trending upward. These trends, combined with the area's ability to maintain price growth even in the face of rising interest rates, suggest a strong and desirable housing market in this Brighton, New York zip code.
