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Zip Code 14781: Rising Home Values and Stable Ownership in Sherman, NY
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 14781, located in Sherman, New York, presents an interesting case study of housing market dynamics in a small rural community. Over the past decade, this area has maintained a relatively stable homeownership rate while experiencing significant changes in average home prices and rent costs. The homeownership rate in zip code 14781 has remained consistently high, hovering around 81-83% between 2013 and 2022. This stability in homeownership is noteworthy, especially when considering the fluctuations in average home prices. In 2013, the average home price was $79,007, which steadily increased to $144,788 by 2022, representing an impressive 83% growth over this period. Despite this substantial rise in home values, the homeownership rate only saw minor fluctuations, suggesting a strong preference for homeownership in this community.
Federal interest rates have played a role in shaping homeownership trends in zip code 14781. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, the homeownership rate remained stable at around 82%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 80% in 2018, but it quickly recovered to 81% in 2019 and 2022, demonstrating the area's resilience to interest rate changes.
Renter occupancy in zip code 14781 has remained relatively low, fluctuating between 17% and 20% from 2013 to 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $611, which decreased to $572 in 2015 before rising again to $676 in 2019. By 2022, the average rent had settled at $640. This fluctuation in rent prices, coupled with the area's low population density (39.07 people per square mile in 2022), suggests a limited rental market that may be sensitive to local economic conditions.
Looking at the most recent data, average home prices in zip code 14781 continued their upward trajectory, reaching $151,223 in 2023 and $158,083 in 2024. This represents a 9.3% increase from 2022 to 2024, indicating a robust housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 14781 to continue their upward trajectory, potentially reaching around $190,000 by 2029. This projection is based on the historical growth rate and assumes continued economic stability in the region. Average rent prices are expected to show more moderate growth, potentially reaching approximately $700 by 2029, reflecting the area's limited rental market and steady population.
In summary, zip code 14781 demonstrates a strong preference for homeownership, with consistently high rates despite significant increases in average home prices. The area has shown resilience to interest rate changes, maintaining stable homeownership levels. The rental market, while smaller, has experienced more price volatility. As home prices continue to rise, it will be crucial to monitor how this impacts affordability and homeownership rates in this rural New York community.
