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Home Values and Ownership in Zip Code 10543: A Resilient Suburban 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 10543, located in Mamaroneck, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, known for its suburban charm and proximity to New York City, has seen fluctuating trends in both ownership percentages and average home prices, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 10543 has shown a notable trend over the years. In 2013, 63% of housing units were owner-occupied. This percentage decreased to 57% by 2017, indicating a shift towards renting. However, by 2022, the ownership rate had rebounded back to 63%. This fluctuation coincides with changes in average home prices. In 2013, the average home price was $632,937, which steadily increased to $736,081 by 2018, representing a 16.3% increase over five years. Despite a slight dip in 2019 and 2020, average home prices surged again, reaching $868,381 in 2022, a 37.2% increase from 2013.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. This corresponded with a slight decrease in homeownership, possibly due to investors taking advantage of low rates to purchase rental properties. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, the homeownership rate stabilized and then increased. This trend suggests that rising interest rates may have prompted more residents to buy homes before rates climbed further.
Renter percentages in zip code 10543 have mirrored the inverse of homeownership trends. The percentage of renter-occupied units increased from 37% in 2013 to a peak of 43% in 2017, before decreasing back to 37% in 2022. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,781, which increased to $2,110 by 2018, a 18.5% rise. The average rent continued to climb, reaching $2,074 in 2022, representing a 16.5% increase from 2013. This trend in rent prices, coupled with the area's growing population (from 20,184 in 2013 to 21,065 in 2022), suggests a sustained demand for rental properties despite the fluctuations in renter percentages.
Looking at the most recent data, the average home price in zip code 10543 for 2023 was $894,942, showing a 3.1% increase from 2022. In 2024, the average home price further increased to $934,885, representing a 4.5% rise from 2023. Notably, federal interest rates have also seen significant increases, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10543 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $1,100,000 to $1,200,000, assuming a conservative annual growth rate of 3-5%. For rent prices, we expect a continued upward trend, with average rents potentially reaching $2,400 to $2,600 by 2029, based on historical growth patterns and local market conditions.
In summary, zip code 10543 has demonstrated resilience in its housing market, with homeownership rates recovering after a brief decline and both home and rent prices showing strong upward trends. The interplay between federal interest rates, local population growth, and housing demand has shaped these trends. As we look to the future, the area is likely to continue seeing appreciation in both home values and rent prices, though the pace may be moderated by rising interest rates and broader economic factors.
