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Rising Home Values and Stable Ownership in Zip Code 10965: Pearl River's Housing Market Trends
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
Pearl River, located in zip code 10965 in New York, has experienced notable changes in homeownership rates and property values over the past decade. From 2013 to 2022, homeownership rates in Pearl River decreased slightly from 81% to 77%. During this same period, average home prices in the area increased significantly, rising from $412,368 in 2013 to $589,389 in 2022, representing a 43% increase over nine years.
The relationship between federal interest rates and homeownership rates in Pearl River shows some correlation. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 79-81%. However, as interest rates began to rise from 2017 onwards, there was a gradual decline in homeownership percentages, reaching 77% by 2022 when the federal interest rate was 1.68%.
Renter percentages in Pearl River have shown a slight upward trend, increasing from 18% in 2013 to 23% in 2022. This rise in renters coincided with an increase in average rent prices. In 2013, the average rent was $1,364, which climbed to $1,832 by 2022, marking a 34% increase over the period. The population of Pearl River also grew during this time, from 15,127 in 2013 to 15,655 in 2022, potentially contributing to the increased demand for rental properties.
As of 2024, the average home price in Pearl River has reached $643,754, representing a 9% increase from 2022. This rise in home values has occurred despite the federal interest rate climbing to 5.33% in 2024, which typically would be expected to slow down home price appreciation. The 2023 average home price was $608,202, indicating a continued upward trajectory in property values.
Looking ahead, predictive models suggest that average home prices in Pearl River may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties in the area and the overall trend of rising housing costs.
In summary, Pearl River has experienced a gradual shift towards more renters, with homeownership rates declining slightly over the past decade. Despite this, average home prices have shown robust growth, even in the face of rising interest rates. The rental market has also strengthened, with both renter percentages and average rent prices increasing. These trends reflect a dynamic real estate market in zip code 10965, characterized by appreciating property values and evolving housing preferences.
