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Zip Code 14871: Rising Home Values and Shifting Ownership in Southport, New York
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 14871, located in Southport, New York, has experienced notable shifts in its housing market over the past decade. This area, with a population of 5,130 in 2022, has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 14871 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 88%, but by 2022, it had decreased to 82%. This decline coincided with a steady increase in average home prices. In 2013, the average home price was $127,452, and by 2022, it had risen to $174,702, representing a 37% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
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, hovering around 0.1-0.4%. During this time, homeownership rates remained relatively stable, ranging from 86% to 89%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more noticeably, falling from 84% in 2017 to 82% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in zip code 14871 has shown interesting trends as well. The percentage of renters increased from 12% in 2013 to 18% in 2022, mirroring the decline in homeownership. Concurrently, average rent prices rose significantly, from $713 in 2013 to $1,061 in 2022, a 49% increase. This rise in rent prices, coupled with the increase in the renter population, suggests growing demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, the housing market in zip code 14871 continued to evolve. The average home price reached $184,488 in 2023 and further increased to $190,705 in 2024, representing a steady upward trend. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $220,000 by 2029, assuming a similar growth rate to recent years. Average rent prices might increase to approximately $1,300 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 14871 has experienced a gradual shift towards a more rental-oriented market, with declining homeownership rates and rising home and rent prices. The interplay between interest rates, housing prices, and rental demand has shaped these trends. As the area continues to evolve, balancing affordability with market growth will likely be a key challenge for local policymakers and residents alike.
