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Zip Code 14895: Rising Home Values and Ownership Trends in Rural Stannards, 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 14895, located in Stannards, New York, has experienced notable shifts in homeownership and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates coupled with rising average home prices, while rental markets have shown interesting fluctuations.
The homeownership rate in zip code 14895 has shown a steady increase from 65% in 2013 to 75% in 2022. This 10 percentage point increase coincides with a significant rise in average home prices. In 2013, the average home price was $60,361, which grew to $100,761 by 2022, representing a substantial 67% increase over this period. The most dramatic price increases occurred between 2020 and 2022, with average home prices jumping from $73,339 to $100,761, a 37% surge in just two years.
Federal interest rates appear to have influenced homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the increased homeownership rates. As interest rates began to rise in 2022 to 1.68%, we still saw a high homeownership rate of 75%, suggesting other factors may also be at play in this market.
Conversely, the percentage of renters in zip code 14895 decreased from 35% in 2013 to 25% in 2022. Despite this decrease, average rent prices showed some volatility. The average rent rose from $602 in 2013 to a peak of $622 in 2017, before declining to $607 in 2022. This represents a modest overall increase of less than 1% over the decade, significantly lower than the growth in home prices. The population in this zip code has remained relatively stable, decreasing slightly from 9,480 in 2013 to 9,110 in 2022, which may have helped keep rental prices in check despite the decreasing supply of rental units.
Looking at the most recent data, the average home price in zip code 14895 reached $104,067 in 2023 and further increased to $106,424 in 2024. This continued upward trend occurs despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates haven't yet appeared to cool the local housing market, suggesting strong underlying demand or other favorable local economic factors.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 14895 to continue their upward trajectory, potentially reaching around $120,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade, particularly the acceleration seen in recent years. For average rent prices, the forecast suggests a more modest increase, potentially reaching approximately $650 by 2029, assuming the current trends of stable population and increasing homeownership persist.
In summary, zip code 14895 has demonstrated a clear trend towards increased homeownership and rising home values over the past decade. This trend has persisted even in the face of recent interest rate hikes, indicating a robust local housing market. While the rental market has seen less dramatic changes in pricing, the shift towards homeownership suggests a changing landscape for housing in this area. These trends point to a potentially continuing seller's market for homes and a relatively stable rental market in the coming years.
