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Nepera Park: Rising Home Values and Shifting Ownership Patterns in a Yonkers Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Nepera Park, a neighborhood in Yonkers, New York, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area, characterized by its suburban feel within the larger urban context of Yonkers, has seen a general trend of increasing average home prices and varying homeownership rates. The relationship between homeownership percentages and average home prices in Nepera Park reveals an interesting pattern. In 2013, the homeownership rate was 76% with an average home price of $301,873. As home prices steadily increased, reaching $390,219 by 2019, the homeownership rate slightly decreased to 75%. However, a significant shift occurred in 2020, with homeownership jumping to 84% despite average home prices rising to $407,732. This trend continued into 2022, maintaining the 84% homeownership rate while average home prices climbed to $469,463.
Federal interest rates have played a crucial role in shaping homeownership trends in Nepera Park. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the high homeownership rates observed, particularly the sharp increase to 84% in 2020 when interest rates dropped to 0.38% from 2.16% in 2019. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in Nepera Park have shown some volatility. In 2013, the renter-occupied percentage was 24% with an average rent of $1,594. By 2015, as the renter percentage increased to 32%, average rent rose to $1,851. Interestingly, in 2017, despite a decrease in the renter percentage to 25%, average rent dropped significantly to $1,390. This could be attributed to various factors, including changes in housing supply or local economic conditions. The renter percentage remained relatively stable at 25-26% from 2017 to 2021, with average rent fluctuating between $1,390 and $1,674 during this period.
Looking at the most recent data, average home prices in Nepera Park continued to rise, reaching $476,070 in 2023 and $506,384 in 2024. This represents a substantial increase from previous years, indicating a strong housing market in the area. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Nepera Park, potentially reaching around $550,000 to $600,000 by 2029. Average rent prices may also see an upward trend, possibly increasing to approximately $1,900 to $2,100 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Nepera Park has demonstrated resilience in maintaining high homeownership rates despite rising home prices. The neighborhood has experienced significant growth in property values, with average home prices more than doubling from 2013 to 2024. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As we move forward, the balance between homeownership and renting in Nepera Park will likely continue to evolve in response to economic conditions and housing market trends.
