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Average Home Values and Ownership in Zip Code 10901: A Decade of Growth and Volatility
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 10901, located in Montebello, New York, has experienced notable shifts in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a generally stable homeownership rate with slight fluctuations, while average home prices and average rent prices have shown an overall upward trend.
The homeownership rate in zip code 10901 has remained relatively steady, with minor variations. In 2013, the homeownership rate was 73%, and it maintained this level through 2019. There was a slight dip to 70% in 2020, followed by a recovery to 71% in 2021 and 2022. Interestingly, as the homeownership rate remained stable, average home prices in the area saw significant growth. The average home price increased from $385,346 in 2013 to $583,552 in 2022, representing a substantial 51.4% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), the homeownership rate remained stable at 73%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, the homeownership rate still held steady. However, the sharp drop in interest rates to 0.38% in 2020 coincided with a decrease in homeownership to 70%, possibly due to economic uncertainties during that time.
The renter percentage in zip code 10901 has shown slight variations, inversely mirroring the homeownership rate. In 2013, the renter percentage was 26%, increasing to 29% in 2014. It then stabilized at 27% from 2015 to 2019, before rising to 30% in 2020 and settling at 29% in 2021 and 2022. Average rent prices have generally increased over this period, rising from $1,413 in 2013 to $1,641 in 2022, a 16.1% increase. The population growth from 23,142 in 2013 to 25,674 in 2022 may have contributed to the upward pressure on rent prices.
In 2023, the average home price in zip code 10901 reached $637,430, continuing the upward trend observed in previous years. This represents a 9.2% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in previous years. Moving into 2024, the average home price has further increased to $690,877, marking an 8.4% rise from 2023. The federal interest rate for 2024 stands at 5.33%, slightly higher than the previous year.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 10901 will continue to rise over the next five years, albeit possibly at a slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by population growth and rising property values. However, the rate of increase may moderate if homeownership becomes more attractive due to potential future interest rate adjustments.
In summary, zip code 10901 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has seen substantial property value appreciation, with average home prices rising over 50% from 2013 to 2022. Rent prices have also increased, though at a more modest rate. The interplay between federal interest rates, population growth, and housing market dynamics will continue to shape the real estate landscape in this New York village.
