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Average Home Values and Ownership Trends: Zip Code 10993'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
West Haverstraw, located in zip code 10993 in New York, has experienced notable fluctuations in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in West Haverstraw has shown some variability between 2013 and 2022. In 2013, the homeownership rate stood at 58%. It then decreased to 49% in 2016, before rising again to 58% in 2021. As of 2022, the homeownership rate was 56%. Interestingly, these changes in homeownership rates appear to have an inverse relationship with average home prices. For instance, as the homeownership rate dropped to its lowest point of 49% in 2016, the average home price was $210,222. Subsequently, as homeownership rates increased, so did average home prices, reaching $344,489 in 2022.
Federal interest rates have played a significant role in shaping homeownership trends in West Haverstraw. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates initially declined but then stabilized. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some resilience, maintaining levels above 54%. This suggests that other local factors may have influenced homeownership decisions in addition to interest rates.
Renter percentages in West Haverstraw have mirrored the inverse of homeownership rates, ranging from 42% to 51% between 2013 and 2022. The average rent prices have shown a general upward trend during this period. In 2013, the average rent was $1,474, which increased to $1,906 in 2019, representing a significant 29% increase. However, there was a slight decrease to $1,709 in 2022. These rent price fluctuations appear to be influenced by changes in the local population, which grew from 5,341 in 2013 to 5,582 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, West Haverstraw experienced continued growth in average home prices. The average home price reached $367,431 in 2023 and further increased to $394,588 in 2024, representing a 7.4% year-over-year increase. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures suggest a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in West Haverstraw may continue to rise, potentially reaching around $450,000 by 2029 if the current growth rate persists. However, this growth could be moderated by high interest rates. Average rent prices might also continue their upward trajectory, potentially reaching close to $2,000 per month by 2029, driven by population growth and housing demand.
In summary, West Haverstraw (zip code 10993) has demonstrated a dynamic housing market over the past decade. The interplay between homeownership rates, average home prices, and rent prices reflects the area's economic changes and population growth. The market has shown resilience in the face of rising interest rates, with both home prices and rent prices generally trending upward. As the community continues to evolve, these housing trends will likely play a crucial role in shaping its future development and demographics.
