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Average Home Values and Ownership in Mount Kisco's 10549 Zip Code: A Decade of Growth
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
Mount Kisco, located in zip code 10549 in New York, has experienced notable shifts in homeownership rates and property values over the past decade. This suburban community, known for its blend of small-town charm and urban amenities, has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Mount Kisco has shown a steady increase from 2013 to 2022. In 2013, 65% of residents were homeowners, and this figure rose to 75% by 2022. This 10 percentage point increase coincided with a significant rise in average home prices. In 2013, the average home price was $530,839, which climbed to $746,474 by 2022, representing a 40.6% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $602,594 to $678,220, a 12.6% rise in a single year.
Federal interest rates have played a role in shaping homeownership trends in Mount Kisco. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the steady increase in homeownership, as it made mortgage financing more accessible and affordable for potential buyers. The sharp rise in homeownership from 70% in 2021 to 75% in 2022 coincided with a jump in interest rates from 0.08% to 1.68%, possibly indicating a rush to purchase homes before rates increased further.
As homeownership increased, the percentage of renters in Mount Kisco decreased from 33% in 2013 to 25% in 2022. Despite this decline, average rent prices showed an overall upward trend. In 2013, the average rent was $1,588, which increased to $1,747 by 2022, a 10% rise. The highest average rent was recorded in 2020 at $1,846, coinciding with the lowest interest rates and possibly reflecting increased demand for rental properties during the early stages of the COVID-19 pandemic.
In 2023, the average home price in Mount Kisco reached $784,510, a 5.1% increase from 2022, while federal interest rates rose sharply to 5.02%. As of 2024, the average home price has further increased to $824,089, representing a 5% year-over-year growth, with interest rates slightly higher at 5.33%. These figures indicate a continued upward trend in home values despite rising interest rates, suggesting strong demand in the local real estate market.
Looking ahead, predictive models suggest that average home prices in Mount Kisco may continue to rise over the next five years, potentially reaching around $950,000 by 2029, assuming a similar growth rate. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and changes in interest rates.
In summary, Mount Kisco has experienced a significant shift towards homeownership, with a 10 percentage point increase from 2013 to 2022. This trend has been accompanied by substantial growth in average home prices, which have risen by over 40% during the same period. Despite a decreasing renter population, average rent prices have also trended upwards. The recent data from 2023 and 2024 shows continued strength in the local housing market, with home prices maintaining their upward trajectory even in the face of higher interest rates.
