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Average Home Values and Ownership in Zip Code 10552: A Decade of Resilient Homeownership Amid Rising Prices
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 10552, located in Mount Vernon, New York, has experienced notable changes in homeownership rates and housing prices over the past decade. From 2013 to 2022, the ownership percentage increased from 55% to 60%, while average home prices rose significantly from $319,403 to $547,759. Average rent prices also showed an upward trend during this period.
The relationship between homeownership rates and average home prices in zip code 10552 reveals interesting patterns. In 2013, when the ownership rate was 55%, the average home price was $319,403. As homeownership increased to 58% in 2015, average home prices rose to $364,667. This trend continued, with homeownership reaching 60% in 2022 and average home prices peaking at $547,759. This suggests a positive correlation between homeownership rates and average home prices in the area.
Federal interest rates have played a role in homeownership trends in zip code 10552. In 2013, when interest rates were at 0.11%, the homeownership rate was 55%. As interest rates remained low, hovering around 0.1% to 0.4% from 2014 to 2016, homeownership increased to 57%. The ownership rate remained relatively stable at 56-57% from 2017 to 2021, despite fluctuations in interest rates. In 2022, when interest rates rose to 1.68%, homeownership actually increased to 60%, possibly due to other local factors outweighing the impact of rising rates.
Renter percentages and average rent prices in zip code 10552 have shown some correlation. In 2013, with 43% of residents renting, the average rent was $1,388. As the renter percentage decreased slightly to 41% in 2015, average rent dipped to $1,299. However, by 2019, when the renter percentage increased to 44%, average rent rose to $1,484. In 2022, despite a decrease in renter percentage to 40%, average rent remained high at $1,508, possibly influenced by overall housing market trends and local demand.
In 2023, the average home price in zip code 10552 slightly decreased to $545,324, while federal interest rates rose to 5.02%. Moving into 2024, we see a modest increase in average home prices to $553,467, with interest rates further climbing to 5.33%. This recent data suggests that despite high interest rates, home prices in the area continue to show resilience and growth.
Looking ahead, predictive models forecast a continued upward trend in both average home and rent prices for zip code 10552 over the next five years. Average home prices are expected to surpass $600,000 by 2029, while average rent prices could reach $1,800 per month. These projections are based on historical trends and current market conditions.
In summary, zip code 10552 has demonstrated a strong housing market with increasing homeownership rates and rising property values over the past decade. The area has shown resilience to fluctuating interest rates, maintaining a relatively stable ownership-to-rental ratio. The recent uptick in average home prices, despite high interest rates, suggests continued demand in this Mount Vernon neighborhood. As the market evolves, both homeowners and renters in zip code 10552 can anticipate a dynamic and potentially competitive housing landscape in the coming years.
