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Zip Code 14613: Rochester's Shifting Landscape of Home Values and Ownership
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 14613, an urban neighborhood in Rochester, New York, spans 1.98 square miles and has undergone significant changes in its housing dynamics over the past decade. This area has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 14613 has shown a general declining trend from 2013 to 2022. In 2013, 41% of housing units were owner-occupied, but this figure dropped to 33% by 2022. Conversely, the average home prices in the area have seen a substantial increase. In 2013, the average home price was $50,345, which more than doubled to $116,682 by 2022. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for many residents in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 14613. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), there was a slight uptick in homeownership from 35% in 2018 to 36% in 2020 and 2021. However, as interest rates began to rise in 2022 to 1.68%, homeownership rates dropped back to 33%, indicating the sensitivity of the local housing market to broader economic factors.
The renter population in zip code 14613 has grown from 59% in 2013 to 67% in 2022. During this period, average rent prices have also increased, albeit more modestly compared to home prices. In 2013, the average rent was $861, which rose to $853 by 2022, peaking at $888 in 2017. The population of the zip code has also grown from 14,503 in 2013 to 17,130 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rental rates.
In 2023 and 2024, the housing market in zip code 14613 continued to evolve. The average home price slightly decreased to $115,589 in 2023 but then rose to $123,091 in 2024. This occurred against a backdrop of significantly higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14613 may continue to rise over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, albeit at a slower pace, potentially reaching approximately $920 by 2029. These projections are based on historical trends and current market conditions.
In summary, zip code 14613 has experienced a significant decline in homeownership rates coupled with a substantial increase in average home prices over the past decade. The rental market has grown, with a larger proportion of renters and moderately increased average rent prices. The interplay between federal interest rates, population growth, and housing prices has shaped these trends, and future market dynamics will likely continue to be influenced by these factors.
