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Average Home Values and Ownership in Zip Code 10801: New Rochelle's Dynamic Real Estate 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 10801, located in New Rochelle, New York, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving real estate landscape of this community. The homeownership rate in zip code 10801 has shown notable fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 39%. This figure remained relatively stable until 2015 when it dipped slightly to 37%. The rate then rebounded to 39% in 2017 and maintained this level through 2018. Interestingly, there was a significant increase in homeownership in 2020, reaching 43%, followed by a further rise to 44% in 2021. However, by 2022, the rate had decreased to 40%. These changes in homeownership rates coincided with fluctuations in average home prices. The average home price in 2013 was $429,246, which steadily increased to $627,274 by 2022, representing a substantial 46% increase over this period.
The relationship between federal interest rates and homeownership rates in zip code 10801 demonstrates some correlation. For instance, the period of historically low interest rates from 2020 to 2021 (0.38% and 0.08% respectively) coincided with the highest homeownership rates observed in the dataset (43% and 44%). This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 10801 have shown an inverse relationship to homeownership rates, as expected. In 2013, the renter-occupied rate was 61%, which increased to 63% in 2015 and 2016. It then fluctuated between 61% and 62% from 2017 to 2019, before dropping to 57% in 2020 and 56% in 2021. By 2022, the renter percentage had risen again to 60%. Average rent prices have generally increased over this period, starting at $1,445 in 2013 and reaching $1,540 in 2022, a 6.6% increase. It's worth noting that the population of zip code 10801 grew from 41,972 in 2013 to 43,088 in 2022, potentially contributing to the overall demand for rental properties.
In 2023 and 2024, we observe a continuation of the upward trend in average home prices in zip code 10801. The average home price reached $669,510 in 2023 and further increased to $692,348 in 2024, representing a 6.7% and 3.4% year-over-year increase respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on the observed trends, we can forecast potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 10801 could potentially reach or exceed $800,000 by 2029. Average rent prices, which have shown more moderate growth, could potentially increase to around $1,700-$1,800 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 10801 has experienced significant changes in its housing market over the past decade. The area has seen a general trend of increasing average home prices, with some fluctuations in homeownership rates. Rental prices have also shown an upward trend, albeit at a more moderate pace. The interplay between federal interest rates, population growth, and local economic conditions continues to shape the housing landscape in this New Rochelle neighborhood.
