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Average Home Values and Ownership in Zip Code 10024: A Decade of Fluctuations Near Central Park
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 10024, situated in Manhattan, New York, is a dynamic urban area known for its proximity to Central Park and Columbia University. This neighborhood has experienced significant changes in homeownership and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 10024 has shown a gradual increase from 35% in 2013 to 38% in 2022. This trend coincides with fluctuations in average home prices, which saw significant growth from $1,068,518 in 2010 to a peak of $1,761,044 in 2022, representing a 64.8% increase over 12 years. The relationship between homeownership rates and average home prices appears complex, with ownership rates remaining relatively stable despite substantial price appreciation.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which likely contributed to the stability in homeownership rates despite rising home prices. As interest rates began to increase from 2016 onwards, reaching 1.68% in 2022, the homeownership rate in zip code 10024 showed resilience, maintaining at 38%.
Renter occupancy in the area has experienced a slight decline, from 65% in 2014 to 62% in 2022. This shift corresponds with an increase in average rent prices, rising from $1,996 in 2014 to $2,420 in 2022, a 21.2% increase over eight years. The population in zip code 10024 has fluctuated during this period, reaching 72,095 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, the housing market in zip code 10024 experienced a notable shift. Average home prices decreased from the 2022 peak of $1,761,044 to $1,475,595 in 2023, and further to $1,374,857 in 2024. This decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest a potential stabilization or slight decrease in average home prices over the next five years, considering the current higher interest rate environment and recent price corrections. Average rent prices are projected to continue a moderate upward trend, albeit at a slower pace than observed in previous years, reflecting ongoing demand for rental properties in this desirable Manhattan neighborhood.
In summary, zip code 10024 has demonstrated resilience in homeownership rates despite significant home price appreciation over the past decade. The recent cooling in the housing market, coupled with rising interest rates, may lead to a period of price stabilization. The rental market remains strong, with a slight decrease in renter occupancy offset by steady increases in average rent prices. These trends reflect the dynamic nature of the Manhattan real estate market and its ability to adapt to changing economic conditions.
