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White Plains, NY: Rising Home Values Amidst Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
White Plains, a vibrant city in New York's Westchester County, has experienced notable shifts in its housing landscape over the past decade. This suburban hub, offering a blend of urban amenities and suburban tranquility, has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
Homeownership rates in White Plains have remained relatively stable, with a slight increase from 52% in 2018 to 53% in 2022. This stability is notable given the substantial rise in average home prices during the same period. In 2018, the average home price was $566,106, which increased to $660,581 by 2022, representing a 16.7% growth over four years. This upward trend in home prices, despite steady ownership rates, suggests a resilient demand for homeownership in White Plains, even as properties became more expensive.
The relationship between federal interest rates and homeownership rates in White Plains shows an interesting pattern. As interest rates dropped from 2.16% in 2019 to 0.38% in 2020, homeownership remained constant at 52%. However, when interest rates fell further to 0.08% in 2021, there was a slight increase in homeownership to 53%. This suggests that while lower interest rates may have some influence on homeownership, other factors such as local economic conditions and housing supply also play significant roles in White Plains' housing market.
Renter percentages in White Plains have mirrored the homeownership trends, showing slight fluctuations. The percentage of renters decreased marginally from 48% in 2019 to 47% in 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2019, the average rent was $1,691, which increased to $1,994 in 2021, a significant 17.9% jump in just two years. However, 2022 saw a decrease to $1,848, possibly reflecting market corrections or changes in housing supply. The population growth from 58,137 in 2019 to 59,421 in 2022 may have contributed to the overall upward pressure on rent prices, despite the recent dip.
Looking at the most recent data, 2023 saw average home prices in White Plains reach $686,611, a 3.9% increase from 2022. In 2024, this figure further rose to $726,101, marking a 5.8% increase from 2023. These continued increases occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in the White Plains housing market.
Applying predictive models to forecast 5-year trends, average home prices in White Plains are expected to continue their upward trajectory, albeit potentially at a more moderate pace. The average home price could potentially reach around $850,000 by 2029, assuming a continuation of current trends. Average rent prices are also projected to increase, potentially reaching about $2,200 by 2029, though this growth may be tempered by new housing developments and economic factors.
In summary, White Plains has demonstrated a robust and dynamic housing market. The city has maintained stable homeownership rates despite rising home prices, indicating strong demand for residential properties. The rental market has shown more volatility, with significant increases followed by a recent moderation. As White Plains continues to evolve, these housing trends will play a crucial role in shaping the city's future development and demographic composition.
