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Zip Code 14850: Average Home Values Rise to $393,808 Amid Shifting Ownership Trends
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 14850, located in South Hill, New York, has experienced notable shifts in its housing market over the past decade. This area, with a population of 65,509 in 2022, has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices.
The homeownership rate in zip code 14850 has remained relatively stable, with a slight downward trend. In 2013, the area had a 45% homeownership rate, which decreased marginally to 44% by 2022. This slight decline in homeownership coincided with a substantial increase in average home prices. The average home price in 2013 was $222,890, which rose steadily to reach $356,958 by 2022, representing a 60% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which may have contributed to the stability in homeownership rates during this time. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observe a slight decrease in the homeownership rate from 45% to 44%.
The rental market in zip code 14850 has shown a corresponding increase in both the percentage of renters and average rent prices. The proportion of renters increased from 55% in 2013 to 56% in 2022. During this same period, average rent prices rose from $1,167 in 2013 to $1,203 in 2022, an increase of about 3%. It's worth noting that the population grew from 64,823 in 2013 to 65,509 in 2022, which may have contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 14850 continued its upward trajectory. The average home price reached $375,413 in 2023 and further increased to $393,808 in 2024, representing a 5.2% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on the observed trends, we can predict continued growth in both average home prices and average rent prices over the next five years. Average home prices could potentially reach or exceed $450,000 by 2029, assuming a similar growth rate. Average rent prices may increase to around $1,350-$1,400 per month. However, these projections could be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 14850 has experienced a slight decrease in homeownership rates, coupled with significant increases in average home prices. The rental market has seen a corresponding increase in both the percentage of renters and average rent prices. The area's housing market has shown resilience and growth, even in the face of rising interest rates, suggesting a strong local economy and continued demand for housing in this New York community.
