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Zip Code 14784: Rising Home Values and Ownership in Cassadaga, 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 14784, located in Cassadaga, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small community, with a population of 1,125 in 2022, has seen interesting trends in its real estate market, reflecting broader economic changes and local dynamics.
The homeownership rate in zip code 14784 has shown a significant increase over the years, rising from 70% in 2015 to 82% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2015, the average home price was $74,587, which steadily climbed to reach $136,134 by 2022, representing an impressive 82.5% increase over seven years. This correlation suggests that despite rising home prices, more residents were able to transition into homeownership, possibly due to factors such as increased local economic stability or favorable mortgage conditions.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 14784. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgages more affordable for potential buyers. The homeownership rate peaked at 86% in 2020 when interest rates were at a mere 0.38%, illustrating the strong inverse relationship between interest rates and homeownership.
Conversely, the renter percentage in zip code 14784 has declined from 30% in 2015 to 17% in 2022. This decrease in renters corresponds with fluctuations in average rent prices. The average rent peaked at $782 in 2014 before experiencing some volatility, ultimately settling at $671 in 2022. The declining renter population, despite relatively stable rent prices, suggests that many former renters may have transitioned to homeownership during this period, taking advantage of the favorable buying conditions.
In 2023 and 2024, the average home prices in zip code 14784 continued to show stability and slight growth. The average home price in 2023 was $136,178, a marginal increase from 2022. In 2024, it further rose to $137,449, indicating a steady but modest appreciation in property values. However, this period also saw a significant rise in federal interest rates, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14784 are likely to continue their upward trajectory, albeit at a more moderate pace. Over the next five years, we can expect average home prices to potentially reach around $150,000 to $160,000, assuming current economic conditions persist. Rent prices, which have shown more volatility, are projected to stabilize and potentially increase slightly, possibly reaching an average of $700 to $750 per month within the next five years.
In summary, zip code 14784 has demonstrated a strong trend towards increased homeownership, with average home prices rising significantly over the past decade. The interplay between low interest rates and increasing property values has created a dynamic real estate market in this small New York village. As interest rates rise and home prices continue to appreciate, it will be crucial to monitor how these factors affect future homeownership rates and housing affordability in the area.
