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Average Home Values and Ownership in Zip Code 10520: Croton-on-Hudson's Resilient Housing Market
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 10520, located in Croton-on-Hudson, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This picturesque area along the Hudson River has seen a gradual increase in homeownership, coupled with significant fluctuations in average home and rent prices.
The trend between ownership percentage and average home prices in zip code 10520 shows an interesting correlation. In 2013, the homeownership rate was 66%, with an average home price of $467,083. As homeownership rates initially declined to 60% in 2016, average home prices rose to $563,741. However, from 2016 onwards, there was a steady increase in homeownership rates, reaching 68% in 2022, coinciding with a continued rise in average home prices to $712,937. This suggests that despite rising home prices, more residents were able to transition into homeownership.
Federal interest rates have played a significant role in homeownership trends. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 66%. As interest rates remained low, dropping to 0.08% in 2021, homeownership increased to 67%. The sharp rise in interest rates to 1.68% in 2022 did not immediately impact homeownership, which continued to rise to 68%. This trend suggests that while low interest rates generally encourage homeownership, other factors such as local economic conditions and housing availability also play crucial roles.
Renter percentages and average rent prices have shown an inverse relationship to homeownership trends. In 2013, with 34% of residents renting, the average rent was $1,603. As the renter percentage peaked at 40% in 2016, average rent actually decreased slightly to $1,622. However, by 2022, as the renter percentage dropped to 32%, average rent increased to $1,775. This trend indicates that as fewer units were available for rent due to increased homeownership, rental prices tended to rise.
Looking at the most recent data, in 2023, the average home price in zip code 10520 slightly decreased to $708,063, while interest rates rose significantly to 5.02%. In 2024, we see a rebound in average home prices to $728,492, with interest rates further increasing to 5.33%. This recent trend suggests resilience in the local housing market despite higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate a continued moderate increase in average home prices, potentially reaching around $780,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially surpassing $2,000 per month. These projections assume steady economic conditions and no major disruptions to the local housing market.
In summary, zip code 10520 has demonstrated a trend towards increased homeownership despite rising home prices. The interplay between federal interest rates, homeownership rates, and rental markets has been complex, with local factors seemingly outweighing national trends in some instances. The resilience of home prices in the face of rising interest rates suggests a strong local demand for housing in this desirable Hudson River community.
