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Zip Code 14619: Rochester's Real Estate Renaissance - Average Home Values Double Amid Homeownership Surge
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 14619, located in Rochester, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership percentage, coupled with substantial growth in average home prices, while average rent prices have shown more moderate fluctuations.
The homeownership rate in zip code 14619 has demonstrated a remarkable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 58%, but by 2022, it had climbed to 64%, representing a 6 percentage point increase. This rise in homeownership coincided with a significant surge in average home prices. In 2013, the average home price was $66,267, but by 2022, it had more than doubled to $137,639, marking a 107.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, the data for 14619 shows a more complex picture. For instance, from 2013 to 2017, when interest rates remained relatively low (ranging from 0.11% to 1%), homeownership rates actually declined from 58% to 50%. However, as interest rates began to rise more significantly from 2018 onwards, homeownership rates in the area started to increase, reaching 64% by 2022 when the federal interest rate was 1.68%.
Renter percentages in zip code 14619 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage peaked at 51% in 2018 when the average rent was $1,005. Interestingly, despite the decrease in renter percentage to 36% by 2022, the average rent continued to rise, reaching $1,014 in that year. This suggests that factors beyond supply and demand, such as overall housing market conditions and local economic factors, may be influencing rent prices in the area.
Looking at the most recent data, the average home price in zip code 14619 continued its upward trajectory, reaching $144,011 in 2023 and further increasing to $153,289 in 2024. This represents a 11.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14619 will continue to rise, potentially reaching around $180,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes similar market conditions persist. For average rent prices, a more moderate increase is expected, potentially reaching approximately $1,150 by 2029, considering the historical fluctuations and recent stability in rent prices.
In summary, zip code 14619 has experienced a significant increase in homeownership rates and average home prices over the past decade, defying typical expectations regarding the relationship between interest rates and homeownership. The area has shown resilience in its housing market, with continued growth in home values even in the face of rising interest rates. The rental market, while showing some price increases, has not kept pace with the dramatic rise in home values, potentially making homeownership an increasingly attractive option for residents in this Rochester neighborhood.
