Loading Content...
Zip Code 14802: Rising Home Values and Ownership in Alfred, NY
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 14802, located in Alfred, New York, presents an intriguing case study of homeownership and rental trends in a small community. This area has experienced significant fluctuations in ownership percentages and average home prices over the past decade, with a general trend towards increased homeownership and rising property values in recent years.
The relationship between ownership percentage and average home prices in zip code 14802 shows a notable correlation. In 2013, the homeownership rate stood at 47%, with an average home price of $101,537. As average home prices steadily increased, reaching $158,049 in 2022, the homeownership rate also rose substantially to 64%. This trend suggests that rising property values have not deterred local residents from purchasing homes, possibly indicating a strong local economy or increased desirability of the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 14802. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. During this time, homeownership rates fluctuated but generally remained stable. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership in the area actually increased from 53% in 2020 to 64% in 2022. This counterintuitive trend might suggest that local factors are outweighing national economic influences on homeownership in this particular zip code.
Renter percentages and average rent prices in zip code 14802 have shown an inverse relationship to homeownership trends. In 2013, the renter-occupied percentage was 47%, with an average rent of $737. As homeownership increased, the percentage of renters decreased to 36% by 2022, while average rent rose to $808. This trend indicates that despite higher rental costs, fewer residents are choosing to rent, possibly due to the attractiveness of homeownership in the area.
Looking at the most recent data, average home prices in zip code 14802 continued to rise, reaching $163,272 in 2023 and $167,730 in 2024. This represents a 3.8% increase from 2022 to 2023 and a further 2.7% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14802 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $185,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $900 per month in the same timeframe, assuming the current trends continue.
In summary, zip code 14802 has demonstrated a strong trend towards increased homeownership and rising property values, despite fluctuations in federal interest rates. The inverse relationship between homeownership and rental percentages, coupled with rising average home and rent prices, suggests a shifting housing market dynamic in this area. These trends indicate a growing preference for homeownership in the community, which could have significant implications for local real estate development and community planning in the coming years.
