Loading Content...
Zip Code 14777: Rising Home Values and High Ownership Rates in Rural New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14777, located in Rushford, New York, is a small rural community with a population that has fluctuated between 111 and 129 residents over the past decade. This area has maintained a high rate of homeownership, consistently above 80%, while experiencing notable changes in average home prices and average rent costs.
The ownership percentage in zip code 14777 has shown remarkable stability, with a slight upward trend from 82% in 2016 to 88% in 2022. This increase in homeownership coincided with a significant rise in average home prices, which grew from $94,947 in 2016 to $146,764 in 2022, representing a 54.6% increase. The relationship between ownership rates and home prices suggests that despite rising costs, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends. From 2016 to 2022, interest rates fluctuated, starting at 0.4% in 2016, peaking at 2.16% in 2019, then dropping to 0.08% in 2021 before rising to 1.68% in 2022. The relatively low interest rates during this period likely contributed to the sustained high levels of homeownership in the area, making mortgages more affordable for residents.
Renter percentages in zip code 14777 have remained relatively low, ranging from 11% to 16% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $503, which increased to a peak of $933 in 2021 before declining to $634 in 2022. This 32% decrease in average rent from 2021 to 2022 occurred despite a slight increase in the renter population, suggesting factors beyond simple supply and demand were at play in the local rental market.
Looking at the most recent data, the average home price in zip code 14777 for 2023 was $145,684, showing a slight decrease from 2022. However, in 2024, the average home price increased to $150,525, indicating a recovery and continued growth in the housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14777 will continue to rise, albeit at a more moderate pace. The average home price is projected to reach approximately $165,000 by 2029. Average rent prices are expected to stabilize and show a gradual increase, potentially reaching around $700 per month by 2029. These predictions take into account historical trends, recent market corrections, and the current economic environment.
In summary, zip code 14777 demonstrates a strong and stable homeownership market with steadily increasing average home prices. The area has maintained high ownership rates despite fluctuations in home prices and interest rates. The rental market, while smaller, has shown more volatility in pricing. Moving forward, the community is likely to see continued growth in home values and a stabilization of rent prices, maintaining its character as a predominantly owner-occupied area.
