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Rising Home Values and Ownership Trends in Zip Code 10553: Mount Vernon's Resilient Real Estate 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
Mount Vernon, New York's zip code 10553 is a densely populated urban area with a rich history and diverse community. This analysis examines the trends in homeownership, average home prices, and average rent prices from 2010 to 2024, revealing significant fluctuations in the housing market and population dynamics.
The homeownership rate in zip code 10553 has shown notable variability over the years, ranging from 46% in 2013 to a peak of 54% in 2020. This fluctuation correlates interestingly with changes in average home prices, which have seen a substantial increase from $385,566 in 2010 to $543,990 in 2023. The relationship between homeownership rates and average home prices reveals some intriguing patterns. For instance, as average home prices dropped from $385,566 in 2010 to $299,894 in 2013, the homeownership rate was at 46% in 2013. However, as prices began to rise again, reaching $473,668 in 2020, the homeownership rate peaked at 54%.
The federal interest rates have played a significant role in shaping homeownership trends in zip code 10553. During periods of low interest rates, such as from 2013 to 2016 when rates remained below 0.5%, the homeownership rate showed an upward trend, increasing from 46% to 50%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. Conversely, as interest rates began to rise more sharply from 2017 onwards, reaching 1.83% in 2018, the homeownership rate fluctuated, settling at 49% in 2022.
Renter percentages in zip code 10553 have inversely mirrored homeownership rates, ranging from a high of 54% in 2013 to a low of 46% in 2020. Average rent prices have shown a general upward trend, increasing from $1,360 in 2013 to $1,459 in 2022. Interestingly, the highest average rent of $1,576 was recorded in 2021, coinciding with a period of population growth from 12,628 in 2020 to 13,448 in 2021. This suggests that increased demand for rental properties, driven by population growth, may have contributed to higher rent prices.
Looking at the most recent data, the average home price in zip code 10553 was $543,990 in 2023 and slightly decreased to $540,500 in 2024. This slight decline occurs against a backdrop of rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices, making borrowing more expensive for potential homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10553 may experience a period of stability or modest growth, given the current high interest rate environment. Average rent prices are likely to continue their upward trajectory, albeit at a more moderate pace, as the area maintains its appeal to renters.
In summary, zip code 10553 in Mount Vernon, New York, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The interplay between federal interest rates, population changes, and housing market dynamics has shaped these trends. Moving forward, the area is likely to see continued evolution in its housing market, with potential stabilization in home prices and moderate growth in rent prices.
