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Zip Code 14904: Rising Home Values and Steady Ownership Rates 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 14904, located in Southport, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable balance between owner-occupied and renter-occupied housing units, with slight fluctuations in average home prices and rent costs.
The homeownership rate in zip code 14904 has shown modest stability, with minor fluctuations between 56% and 59% from 2013 to 2022. Interestingly, as the homeownership rate increased slightly from 58% in 2019 to 59% in 2022, average home prices also saw a significant rise. The average home price in the area grew from $62,963 in 2019 to $87,538 in 2022, representing a substantial 39% increase over this period. This trend suggests a growing demand for homeownership despite rising prices, possibly driven by factors such as low interest rates and changing housing preferences.
The relationship between federal interest rates and homeownership rates in zip code 14904 follows a generally inverse pattern. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, the homeownership rate held relatively steady around 58-59%. The slight increase in homeownership to 59% in 2020 coincided with a particularly low interest rate of 0.38%, potentially encouraging more buyers to enter the market. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate remained stable at 59%, indicating other factors may have influenced housing decisions in the area.
Renter percentages in zip code 14904 have fluctuated between 41% and 44% from 2013 to 2022. Interestingly, average rent prices have shown a general upward trend during this period, despite some fluctuations. In 2013, the average rent was $775, which increased to $859 by 2021, representing a 10.8% rise. However, there was a slight decrease to $821 in 2022. The renter percentage remained stable at 41% from 2020 to 2022, even as the population decreased from 14,308 to 13,556 during this time, suggesting a consistent demand for rental properties in the area.
In 2023 and 2024, average home prices in zip code 14904 continued their upward trajectory. The average home price reached $91,795 in 2023 and further increased to $95,445 in 2024, representing a 4.8% and 9.0% increase from 2022, respectively. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or other favorable market conditions supporting home values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 14904 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting ongoing demand for rental properties in the area. However, the rate of increase for both home prices and rents may be tempered by economic factors and local market conditions.
In summary, zip code 14904 has demonstrated resilience in its housing market, with a stable homeownership rate and increasing average home prices despite fluctuations in interest rates. The rental market has also shown steady demand, with gradual increases in average rent prices. The area's ability to maintain relatively consistent homeownership and rental percentages while experiencing price growth suggests a balanced and potentially attractive housing market for both buyers and renters.
