14624, Rochester, NY

The 14624 zip code of Rochester, NY has a median home value of $128,900 and a median home equity value of $111,500. These values are significantly lower than the statewide median home value of $247,600 and statewide median home equity value of $157,200. The 14624 zip code also has a lower than average percentage of homes with mortgages at 66%. This indicates that most homeowners in this zip code are able to borrow against their homes without having to worry about being underwater on their mortgage.

One reason why the 14624 zip code may have such low home values is that it is located in one of the most economically depressed areas in New York State. According to data from The Daily Review, the Rochester-Genesee-Monroe metropolitan area had an unemployment rate of 10.8% as of May 2017. This is well above the statewide unemployment rate which was 4.4% as of May 2017. Additionally, the 14624 zip code has a poverty rate of 26%. This is more than double the statewide poverty rate which is 11%.

Despite these challenges, there are some reasons to believe that home values in this area will continue to decline over time. First, there are many homeowners who are struggling to make their mortgage payments and may be looking for ways to sell their homes at a discounted price. Second, there is evidence that suggests that when housing prices decline in an area it can lead to increased joblessness and poverty rates because more people lose their jobs due to decreased economic activity in the area.