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Zip Code 14864: Pine Valley's Resilient Housing Market and High Homeownership Rates
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
Pine Valley, located in zip code 14864 in New York, is a small community that has experienced fluctuating population and housing trends over the past decade. The area has maintained a consistently high rate of homeownership, with average home prices showing a steady increase and average rent prices exhibiting some variability.
The homeownership rate in Pine Valley has remained relatively stable, ranging from 80% to 85% between 2013 and 2022. This high rate of homeownership coincides with a general upward trend in average home prices. In 2013, the average home price was $102,067, which increased to $146,957 by 2022, representing a 44% increase over this period. The most significant year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $115,882 to $131,744, a 13.7% increase.
Federal interest rates have played a role in homeownership trends in Pine Valley. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the area's consistently high homeownership rates, likely due to more affordable financing options for potential buyers. The slight dip in homeownership from 85% in 2019 to 84% in 2020 and 83% in 2021 may be attributed to the economic uncertainty during the COVID-19 pandemic, despite historically low interest rates of 0.38% and 0.08% in those years respectively.
Renter percentages in Pine Valley have remained relatively low, fluctuating between 15% and 20% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $743, which increased to $819 by 2017, representing a 10.2% increase. However, rent prices then decreased to $715 in 2019 before rising again to $804 in 2022. These fluctuations in rent prices do not appear to have a strong correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant impact on the rental market in this area.
In 2023 and 2024, average home prices in Pine Valley continued to rise, reaching $152,722 in 2023 and $158,328 in 2024. This represents a 3.7% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and home price appreciation in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Pine Valley will continue to appreciate over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $180,000 to $190,000 by 2029. Average rent prices are likely to continue their moderate upward trend, potentially reaching $850 to $900 per month in the same timeframe.
In summary, Pine Valley has maintained a strong homeownership rate despite fluctuations in population and housing prices. The steady increase in average home prices, coupled with historically low interest rates until recently, has supported the high rate of homeownership. While the rental market has shown some volatility, it remains a small portion of the housing landscape in this zip code. The recent rise in interest rates and continued appreciation of home prices will be key factors to watch in determining future housing trends in this area.
