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Zip Code 14624: Rising Home Values and Stable Ownership in Rochester's Resilient Housing Market
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 14624, located in Rochester, New York, has experienced notable shifts in homeownership, average home prices, and rental trends over the past decade. This area, spanning 28.2 square miles, has seen fluctuations in its population and housing market dynamics.
The homeownership rate in zip code 14624 has remained relatively stable, with a slight decrease from 81% in 2013 to 80% in 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $124,809, which steadily increased to $210,559 by 2022, representing a substantial 68.7% increase over nine years. This rise in home prices, despite a relatively stable homeownership rate, suggests a robust housing market in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at 80-81%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate held constant at 80%, indicating resilience in the local housing market despite increasing borrowing costs.
The renter population in zip code 14624 has seen a slight increase, from 18% in 2013 to 20% in 2022. This modest rise in renters coincides with an increase in average rent prices. In 2013, the average rent was $1,068, which rose to $1,132 by 2022, an increase of about 6%. The population has also grown during this period, from 36,525 in 2013 to 37,433 in 2022, potentially contributing to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 14624 continued its upward trajectory. The average home price reached $229,524 in 2023 and further increased to $242,878 in 2024, representing a 15.3% rise over two years. This significant growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing even in a high-interest rate environment.
Looking ahead, based on the historical data and current trends, we can project continued growth in both home prices and rent in zip code 14624 over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $275,000 to $300,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,300 per month within the same timeframe. These projections assume continued economic stability and sustained demand in the Rochester area.
In summary, zip code 14624 has demonstrated a robust and growing housing market over the past decade. The area has maintained a high homeownership rate despite rising home prices, while also seeing moderate growth in its rental market. The resilience of the housing market, even in the face of increasing interest rates, suggests a strong local economy and continued demand for housing in this Rochester suburb.
