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Zip Code 14744: Rising Home Values and Strong Ownership Trends in Houghton, 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 14744, located in Houghton, New York, is a small community that has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 14744 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 68%, gradually increasing to 75% by 2022. This 7 percentage point increase indicates a growing preference for homeownership in the area. Concurrently, average home prices have experienced significant growth. In 2013, the average home price was $110,520, which steadily increased to $158,894 by 2022, representing a substantial 43.8% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14744. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 68% to 72%, likely due to more affordable financing options. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership continued to climb, reaching 75% in 2019, suggesting other local factors were also influencing this trend.
Renter percentages in zip code 14744 have inversely mirrored the homeownership trend, decreasing from 32% in 2013 to 25% in 2022. Interestingly, average rent prices have shown a consistent downward trend during this period. In 2013, the average rent was $804, which decreased to $616 by 2022, a significant 23.4% reduction. This decline in rent prices, coupled with the area's relatively stable population (1,903 in 2019 to 1,986 in 2022), suggests a shift in local housing preferences towards homeownership.
In 2023, the average home price in zip code 14744 continued its upward trajectory, reaching $161,821, a 1.8% increase from 2022. This growth persisted into 2024, with average home prices rising to $169,510, marking a further 4.8% increase. Notably, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14744 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been declining, may stabilize or potentially see a slight increase as the rental market adjusts to changing demand. However, the exact trajectory will depend on various economic factors and local market conditions.
In summary, zip code 14744 has experienced a notable increase in homeownership rates and average home prices from 2013 to 2024, while simultaneously seeing a decrease in renter percentages and average rent prices. The interplay between federal interest rates, local housing preferences, and economic conditions has shaped these trends, creating a unique real estate landscape in this New York community.
