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Zip Code 14847: Rising Home Values and Stable Ownership in Interlaken, 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
Interlaken, located in zip code 14847 in New York, is a small community that has experienced fluctuating demographic and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in zip code 14847 has remained relatively stable, with a slight decline from 82% in 2013 to 80% in 2022. During this period, average home prices have shown a steady increase. In 2013, the average home price was $120,184, and by 2022, it had risen to $204,721, representing a significant 70.3% increase over nine years. This trend suggests that despite rising home prices, the community has maintained a high rate of homeownership.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.40%), homeownership rates remained stable at around 81-82%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight decrease in homeownership to 80%. However, the community's homeownership rate has remained resilient, even as interest rates fluctuated.
The rental market in zip code 14847 has shown interesting trends. The percentage of renters increased slightly from 18% in 2013 to 20% in 2022. Average rent prices, however, have been more volatile. In 2013, the average rent was $1,107, which increased to $1,124 in 2014. Interestingly, average rent prices then declined to $944 in 2017 before gradually rising again to $1,047 in 2022. This represents a modest overall decrease of 5.4% in average rent prices from 2013 to 2022, despite the slight increase in the renter population.
In 2023 and 2024, the housing market in zip code 14847 continued its upward trajectory. The average home price reached $211,772 in 2023 and further increased to $218,103 in 2024, marking a 6.5% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting mortgage affordability.
Looking ahead, based on the observed trends, we can expect the average home prices in zip code 14847 to continue rising 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 $250,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching around $1,200 by 2029, assuming economic conditions remain stable and housing demand continues to grow.
In summary, zip code 14847 has maintained a high homeownership rate despite significant increases in average home prices. The rental market has seen a slight increase in the percentage of renters, while average rent prices have fluctuated but remained relatively stable overall. The community's resilience in maintaining high homeownership rates, even in the face of rising home prices and interest rates, suggests a strong local housing market with continued potential for growth.
