Loading Content...
Crestwood, Yonkers: Rising Home Values and Shifting Ownership Trends in a Suburban Gem
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Crestwood, a neighborhood in Yonkers, New York, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw a decline in homeownership rates from 49% to 45%, while average home prices increased substantially. The average home price rose from $554,056 in 2013 to $817,981 in 2022, representing a 47.6% growth over nine years.
The relationship between federal interest rates and homeownership rates in Crestwood follows established patterns. Low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, contributed to a relatively stable homeownership rate despite rising home prices. This stability can be attributed to the affordability of financing options during the period of low interest rates.
The percentage of renters in Crestwood increased from 51% in 2013 to 55% in 2022, coinciding with a significant rise in average rent prices. The average rent grew from $1,419 in 2013 to $1,976 in 2022, marking a 39.3% increase. This trend suggests a strong demand for rental properties in the area, possibly due to the neighborhood's desirability and the challenges of homeownership for some residents as home prices continue to rise.
In 2023 and 2024, Crestwood's housing market continued its upward trajectory. The average home price reached $840,269 in 2023 and further increased to $870,640 in 2024, representing a 6.4% growth over two years. This growth occurred despite a significant rise in federal interest rates, which increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Based on historical trends and current market conditions, projections indicate continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to exceed $950,000 by 2029, while average rent prices could surpass $2,500 per month. These forecasts assume a continuation of current economic conditions and local market dynamics.
In conclusion, Crestwood has experienced a shift towards a higher proportion of renters, accompanied by substantial increases in both average home prices and rent prices. The neighborhood's desirability, combined with broader economic factors such as interest rates, has significantly influenced these trends. As the housing market continues to evolve, Crestwood remains an attractive area for both homeowners and renters, with potential for further growth in property values and rental rates in the coming years.
