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Zip Code 14883: Rising Home Values and Stable Ownership in West Danby, 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
West Danby, located in zip code 14883 in New York state, presents an interesting case study of homeownership and housing market trends. This rural community has experienced fluctuations in its population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in West Danby has shown a slight increase over the years, rising from 75% in 2018 to 78% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $120,343, which steadily climbed to $184,683 by 2022, representing a 53.5% increase over nine years. This substantial growth in home values may have incentivized more residents to invest in property, contributing to the rise in homeownership rates.
Federal interest rates have played a role in shaping homeownership trends in West Danby. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 1.83%. These low rates likely made mortgages more accessible and affordable for potential homebuyers, supporting the observed increase in homeownership. The slight dip in homeownership from 79% in 2021 to 78% in 2022 coincides with the beginning of interest rate increases, as rates rose to 1.68% in 2022.
Renter occupancy in West Danby has correspondingly decreased from 25% in 2018 to 22% in 2022. Despite this decline, average rent prices have shown some volatility. The average rent peaked at $1,024 in 2014, dropped to $920 in 2021, and then rose again to $985 in 2022. This fluctuation in rent prices, coupled with the overall population decline from 4,575 in 2014 to 4,254 in 2022, suggests a complex rental market influenced by factors beyond simple supply and demand.
Looking at the most recent data, average home prices in West Danby continued to rise, reaching $189,677 in 2023 and $195,677 in 2024. This represents a 5.9% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift in the borrowing environment compared to the previous decade.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in West Danby to continue their upward trajectory, potentially reaching around $225,000 by 2029. This projection is based on the consistent year-over-year increases observed in the historical data. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,050 to $1,100 per month by 2029, considering the historical fluctuations and recent upward trend.
In summary, West Danby has demonstrated a clear trend towards increased homeownership and rising average home prices over the past decade. The relationship between low interest rates and higher homeownership rates is evident, though recent interest rate hikes may impact future trends. The rental market has shown more volatility, with decreasing occupancy but fluctuating prices. As we move forward, the continued rise in home prices and higher interest rates will likely shape the housing market dynamics in this New York community.
