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Average Home Values and Ownership in Manhattan's Zip Code 10036: A Decade of Change Near Broadway
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 10036, located in Manhattan, New York, is a densely populated urban area known for its proximity to Times Square and Broadway theaters. This vibrant neighborhood has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade.
The homeownership rate in zip code 10036 has remained relatively stable, hovering around 8% from 2013 to 2022. However, average home prices have shown considerable fluctuation during this period. In 2013, the average home price was $907,683, which steadily increased to reach a peak of $1,157,786 in 2017. Following this peak, there was a gradual decline, with the average home price dropping to $997,779 in 2020. Despite this decrease, the area still maintains high property values, with the average home price rebounding to $1,020,440 in 2022.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), the homeownership rate remained stable at 8%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, the homeownership rate saw a slight decline to 7% in 2019. However, it rebounded to 8% in 2020 and remained steady through 2022, despite fluctuations in interest rates during this period.
The renter population in zip code 10036 has consistently dominated the housing market, with the percentage of renters increasing slightly from 90% in 2013 to 92% in 2022. This high renter occupancy rate aligns with the area's urban character and desirable location. Average rent prices have shown an upward trend, rising from $1,786 in 2013 to $2,255 in 2022, representing a 26% increase over nine years. The most significant jump occurred between 2014 and 2015, when average rent prices surged from $1,783 to $2,229, a 25% increase in a single year.
In 2023, the average home price in zip code 10036 decreased to $996,782, a 2.3% drop from the previous year. This decline continued into 2024, with the average home price further decreasing to $963,240. Interestingly, this downward trend in home prices coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the cooling of the housing market in this area.
Looking ahead, based on the historical data and recent trends, we can project potential scenarios for the next five years. For average home prices, if the current downward trend continues, we might see prices stabilize or potentially decrease further, possibly reaching around $900,000 by 2029. However, given the area's desirability and historical resilience, a rebound is also possible, potentially bringing prices back to the $1 million range. For average rent prices, the upward trend is likely to continue, albeit at a more moderate pace. We might expect average rents to reach approximately $2,500 to $2,700 by 2029, assuming consistent growth patterns.
In summary, zip code 10036 in Manhattan demonstrates a housing market characterized by high rental occupancy and fluctuating property values. The area has maintained a relatively stable, low homeownership rate despite significant changes in average home prices and federal interest rates. The rental market has shown consistent growth in both occupancy and prices, reflecting the area's continued attractiveness to renters. Recent data suggests a cooling trend in the housing market, potentially influenced by rising interest rates, which may shape the area's real estate landscape in the coming years.
