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Zip Code 14760: Rising Home Values and Stable Ownership in Weston Mills, 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 14760, located in Weston Mills, New York, presents an intriguing case study of homeownership and housing market trends. This area has experienced fluctuations in ownership percentages and significant changes in average home and rent prices over the past decade. The community has maintained a relatively stable balance between homeowners and renters, with a slight shift towards renting in recent years.
The homeownership rate in zip code 14760 has shown some variability over the years. In 2013, the homeownership rate stood at 60%. It remained relatively stable until 2017 when it decreased to 57%. By 2022, the rate had returned to 60%. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $59,201. As homeownership rates slightly declined, average home prices began to rise, reaching $63,111 in 2018 and continuing to increase to $94,915 by 2022. This inverse relationship suggests that rising home prices may have initially deterred some potential buyers, but the market eventually adjusted.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1%. During this period, homeownership rates in zip code 14760 remained relatively stable. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, we observed a slight dip in homeownership rates to 57%. However, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with a rebound in homeownership to 60% by 2022, demonstrating the typical relationship between lower interest rates and increased homeownership.
Renter percentages in zip code 14760 have shown a gradual increase over time, from 39% in 2013 to 44% in 2020, before settling at 40% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $625, which increased to $680 by 2017. Interestingly, despite the growing renter population, average rent prices experienced some volatility, dropping to $631 in 2020 before rising again to $633 in 2022. This could be attributed to various factors, including changes in local economic conditions or housing supply.
Looking at the most recent data, average home prices in zip code 14760 have continued their upward trajectory, reaching $100,885 in 2023 and $106,737 in 2024. This represents a significant increase of over 12% from 2022 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14760 will continue to rise, potentially reaching around $130,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more modest increase, potentially reaching approximately $700 by 2029, assuming the current economic conditions and population trends persist.
In summary, zip code 14760 has demonstrated resilience in its housing market, with a gradual increase in average home prices despite fluctuations in homeownership rates. The interplay between federal interest rates, homeownership, and housing prices has been evident, with recent sharp increases in both home values and interest rates potentially shaping future market dynamics. The rental market has shown stability with a slight upward trend in both renter percentages and average rent prices. As the community continues to evolve, these trends will likely play a crucial role in shaping the local housing landscape.
