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Zip Code 14880: Rural New York Area Sees Surge in Homeownership and Home Values
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 14880, located in Scio, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen a significant increase in homeownership, coupled with substantial growth in average home values, particularly in recent years.
The ownership percentage in zip code 14880 has shown a remarkable upward trend, especially from 2020 onwards. In 2013, the homeownership rate stood at 67%, remaining relatively stable until 2019. However, there was a dramatic increase starting in 2020, with the rate jumping to 77% and further climbing to 84% by 2021. This surge in homeownership coincided with a significant rise in average home prices. From 2013 to 2019, average home prices in the area grew modestly from $70,347 to $80,419. However, mirroring the homeownership trend, average home prices saw a substantial increase from 2020 onwards, rising from $86,591 in 2020 to $117,022 in 2022, representing a 35% increase in just two years.
The relationship between federal interest rates and homeownership rates in zip code 14880 appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, the period from 2020 to 2021 saw historically low interest rates (0.38% in 2020 and 0.08% in 2021), which coincided with the sharp increase in homeownership rates from 77% to 84%. This aligns with the principle that lower interest rates make mortgages more affordable, potentially encouraging more people to buy homes.
Conversely, the percentage of renters in zip code 14880 has decreased significantly in recent years, dropping from 33% in 2015 to just 18% in 2022. Despite this decrease in the renter population, average rent prices have shown a general upward trend. In 2013, the average rent was $664, which increased to $721 by 2022, representing an 8.6% increase over this period. This trend suggests that even with fewer renters, demand for rental properties remains strong enough to support rising rent prices.
Looking at the most recent data, average home prices in zip code 14880 slightly decreased from $117,022 in 2022 to $116,603 in 2023, marking a minor 0.36% decline. However, the trend reversed in 2024, with average home prices rising to $122,469, a 5% increase from 2023. This recent uptick occurs despite the significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for zip code 14880, albeit at a potentially slower rate than the rapid increases seen in 2020-2022. The area's increasing homeownership rates and recent price resilience in the face of higher interest rates suggest a strong local housing market. Average rent prices are also expected to continue their upward trajectory, driven by the overall increase in property values and potential demand from those unable to enter the homeownership market due to higher interest rates.
In summary, zip code 14880 has experienced a significant shift towards homeownership, particularly since 2020, accompanied by substantial increases in average home prices. Despite rising interest rates, the housing market in this area has shown resilience, with prices continuing to trend upward. The rental market, while shrinking in terms of the percentage of renters, has maintained steady price growth, indicating a balanced and dynamic housing ecosystem in this New York community.
