Loading Content...
Getty Square's Rising Home Values: A Decade of Change in Yonkers' Urban Core
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Getty Square, a vibrant neighborhood in Yonkers, New York, has experienced notable changes in its housing market over the past decade. This urban area has predominantly been occupied by renters, with homeownership rates remaining relatively low but showing a gradual increase in recent years. The homeownership rate in Getty Square has seen a modest upward trend, rising from 8% in 2013 to 12% in 2020.
This increase in homeownership coincided with a substantial growth in average home prices. In 2013, the average home price was $188,546, which steadily climbed to $312,551 by 2020, representing a 65.8% increase over seven years. This trend suggests that despite rising home values, more residents were able to transition into homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in Getty Square. From 2013 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. During this period, homeownership rates increased from 8% to 9%, likely due to more affordable financing options. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to grow, reaching 12% by 2019, indicating other factors such as economic growth may have supported this trend.
Renter occupancy in Getty Square has remained consistently high, although it has slightly decreased from 91% in 2013 to 88% in 2020. Average rent prices have shown a general upward trend, increasing from $1,199 in 2013 to $1,395 in 2020, a 16.3% rise. The population of Getty Square fluctuated during this period, dropping from 24,166 in 2013 to a low of 22,488 in 2016, before rebounding to 24,898 by 2020. These population changes may have influenced rental demand and subsequently affected average rent prices.
In 2023, the average home price in Getty Square reached $371,982, while the federal interest rate climbed to 5.02%. Moving into 2024, we see a slight decrease in average home prices to $358,166, with interest rates further increasing to 5.33%. This recent trend suggests a potential cooling in the housing market, possibly due to the higher cost of borrowing.
Looking ahead, predictive models forecast a continuation of the overall upward trend in both average home prices and rent prices over the next five years. However, the rate of increase may moderate compared to the rapid growth seen in previous years. Average home prices are expected to surpass the $400,000 mark within this period, while average rent prices could approach $1,600 per month.
In summary, Getty Square has demonstrated resilience in its housing market, with gradual increases in homeownership despite rising home prices. The rental market remains dominant, with steadily increasing average rent prices. The relationship between federal interest rates and homeownership rates has been complex, influenced by various economic factors. Recent data shows a slight cooling in the housing market, but long-term projections suggest continued growth in both home values and rental costs.
