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Average Home Values and Ownership in Zip Code 10705: A Decade of Resilience in Yonkers' 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 10705, located in Yonkers, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its proximity to New York City and diverse community, has seen interesting trends in its real estate market. The ownership percentage in zip code 10705 has shown a slight increase in recent years, rising from 30% in 2018 to 36% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $363,678, which steadily rose to $603,991 by 2022, representing a 66% increase over nine years. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $509,866 to $561,970, a 10.2% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 10705. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the gradual increase in homeownership rates observed during this time. However, as interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), we see a stabilization in the homeownership rate at around 35-36%.
The renter percentage in zip code 10705 has shown a slight decrease, moving from 70% in 2018 to 64% in 2022. Despite this decrease, average rent prices have continued to rise. In 2013, the average rent was $1,328, which increased to $1,467 by 2022, representing a 10.5% increase over nine years. The most significant year-over-year increase in rent occurred between 2020 and 2021, jumping from $1,468 to $1,552, a 5.7% increase. This trend suggests that despite a slight decrease in the renter population, demand for rental properties remains strong, possibly due to the area's growing population, which increased from 39,955 in 2018 to 39,446 in 2022.
Looking at the most recent data, the average home price in zip code 10705 reached $620,847 in 2023 and further increased to $645,290 in 2024. This represents a 2.8% year-over-year increase from 2022 to 2023, and a 3.9% increase from 2023 to 2024. Concurrently, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10705 will continue to rise, potentially reaching around $750,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes continued economic growth and demand for housing in the area. For rent prices, we predict a more moderate increase, potentially reaching an average of $1,700 per month by 2029, reflecting the ongoing demand for rental properties in this urban area.
In summary, zip code 10705 has experienced a gradual increase in homeownership rates alongside significant growth in average home prices. Despite a slight decrease in the renter population, average rent prices have continued to rise, indicating strong demand for both owned and rented properties. The interplay between federal interest rates, housing prices, and ownership rates highlights the complex dynamics of the local real estate market. As we move forward, continued monitoring of these trends will be crucial for understanding the evolving housing landscape in this Yonkers neighborhood.
