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Average Home Values and Ownership in Zip Code 10528: Harrison's Housing Market Dynamics
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
Harrison, located in zip code 10528 in New York, has experienced notable fluctuations in homeownership rates and property values over the past decade. This affluent suburban community has seen a general trend of increasing average home prices and average rent prices, while homeownership rates have shown some variability.
The ownership percentage in Harrison has shown a slight overall decline from 2013 to 2022. In 2013, the homeownership rate was 60%, which decreased to 57% by 2022. This trend coincided with a significant increase in average home prices. In 2013, the average home price was $830,951, which rose to $1,148,996 by 2022, representing a 38.3% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $955,491 to $1,040,176, a 8.9% increase in a single year.
The relationship between federal interest rates and homeownership rates in Harrison shows some correlation. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates remained relatively stable, fluctuating between 58% and 60%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate dropped slightly to 57%. This suggests that higher interest rates may have made home purchases less affordable for some potential buyers in the area.
The renter percentage in Harrison has shown a corresponding increase as homeownership rates declined. In 2013, the renter percentage was 40%, which increased to 43% by 2022. This trend aligns with the rise in average rent prices. The average rent in 2013 was $1,955, which increased to $2,383 by 2022, representing a 21.9% increase over this period. The most significant year-over-year increase in average rent occurred between 2019 and 2020, rising from $2,155 to $2,411, an 11.9% jump.
Looking at the most recent data, the average home price in Harrison continued its upward trajectory, reaching $1,215,504 in 2023 and further increasing to $1,289,271 in 2024. This represents a 5.8% and 6.1% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Harrison will continue to rise, potentially reaching around $1,600,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,800 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Harrison has experienced a gradual shift towards a higher percentage of renters, coupled with substantial increases in both average home prices and average rent prices. The community has shown resilience in property values despite fluctuations in homeownership rates and rising interest rates. The continued upward trend in property values and rents suggests that Harrison remains an attractive and sought-after location in the New York real estate market.
