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Zip Code 14816: Rising Home Values and High Ownership Rates in Rural Breesport, 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 14816, located in Breesport, New York, is a small rural area covering approximately 4.8 square miles. This community has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values.
The ownership percentage in zip code 14816 has shown a generally upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 92%, which increased to 96% by 2016. After a slight dip to 88% in 2020, it rebounded to 93% in 2022. This trend coincides with changes in average home prices, which have seen steady growth. Average home prices rose from $116,451 in 2013 to $166,799 in 2022, representing a 43.2% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 92% to 96%. However, even as interest rates began to rise from 2017 onwards, homeownership rates in this area remained relatively high, suggesting other local factors may have influenced homeownership decisions.
Renter percentages in zip code 14816 have generally decreased as homeownership rates increased. The renter population dropped from 8% in 2013 to a low of 4% in 2016, before rising slightly to 7% in 2022. Average rent prices have shown an overall upward trend, increasing from $793 in 2013 to $879 in 2022, a 10.8% rise. This trend occurred despite fluctuations in the local population, which decreased from 520 in 2013 to 493 in 2022.
In 2023 and 2024, average home prices in zip code 14816 continued to rise, reaching $173,238 in 2023 and $175,086 in 2024. This represents a 3.9% increase from 2022 to 2023 and a further 1.1% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 14816 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. If the current trajectory holds, average home prices could reach approximately $190,000 to $200,000 by 2029. Average rent prices may also continue their upward trend, potentially reaching around $950 to $1,000 per month in the same timeframe.
In summary, zip code 14816 has demonstrated a strong trend towards homeownership, with rates consistently above 90% in recent years. This has been accompanied by steady growth in average home prices and a general increase in average rent prices. The area's housing market has shown resilience, maintaining high homeownership rates even in the face of rising interest rates. As we move forward, the interplay between continued home price appreciation, evolving interest rates, and local economic factors will likely shape the future of this community's housing landscape.
