14221, Buffalo, NY

The 14221 zip code of Buffalo, NY has a median home value of $129,000 and a median home equity of $86,000. This is significantly lower than the statewide median home value of $228,500 and statewide median home equity of $146,100. The 14221 zip code also has a significantly lower percentage of homes with a mortgage than the statewide percentage of homes with a mortgage at 43%. This indicates that many homeowners in the 14221 zip code are able to leverage their home equity to purchase additional property or pay down debt.

The 14221 zip code is also experiencing significant decreases in both home values and home equity compared to previous years. In 2016, the median home value was $128,000 and the median home equity was $85,000; however in 2017 these values decreased by almost 10% to $123,000 and $82,000 respectively. Similarly in 2018 the median home value was $122,500 and the median home equity was only$79,700 – indicating that there has been a significant decrease in housing prices over this period. It is likely that this decrease is due to several factors including low interest rates (due to Federal Reserve policy), increasing demand for housing due to population growth (particularly among young adults) and increased competition from other areas within Buffalo for available housing units.

Despite these decreases in values over recent years there are still some homeowners in the 14221 zip code who are able to leverage theirhome equity into additional property or debt reduction. For example approximately one-thirdof homeowners have more than 50% of their total assets investedin real estate – indicating that they have placed considerable trust in theirhome’s long-term potential earnings potential. Additionally despitedeclining prices many homeowners remain confident aboutthe future prospects for real estate withinthe14221zipcodeandareplanningtoinvestinpropertyortakeoutmortgageswithinthe next few years.