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Zip Code 10035: A Manhattan Neighborhood with Fluctuating Home Values and High Rental Occupancy
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 10035, located in Manhattan, New York, showcases a dynamic real estate landscape with distinct trends in homeownership and rental markets. This area has maintained a consistently low homeownership rate while experiencing significant fluctuations in average home prices and rent over the past decade.
The homeownership rate in zip code 10035 has remained remarkably stable, hovering around 8% from 2013 to 2020, with a slight increase to 9% in 2021 and 2022. Despite this consistency, average home prices have shown considerable volatility. In 2010, the average home price was $639,000, which steadily increased to a peak of $1,142,863 in 2018, representing a substantial 78.9% increase over eight years. However, following this peak, there was a sharp decline, with average home prices dropping to $702,001 by 2022, a 38.6% decrease from the 2018 high.
The relationship between federal interest rates and homeownership rates in this zip code appears to deviate from typical trends. Despite historically low interest rates between 2010 and 2021, ranging from 0.08% to 2.16%, the homeownership rate remained largely unchanged. This suggests that other factors, such as high property values and the predominantly rental-oriented nature of the area, may have a stronger influence on homeownership rates in this Manhattan neighborhood.
The rental market in zip code 10035 has been the dominant housing option, with renter-occupied units consistently accounting for over 90% of occupied housing. Average rent prices have shown a general upward trend, increasing from $905 in 2013 to $1,224 in 2021, a 35.2% rise over eight years. However, there was a notable decrease to $1,024 in 2022, representing a 16.3% drop from the previous year. The population in the zip code has fluctuated, reaching a low of 33,592 in 2013 and growing to 38,181 by 2022, which may have influenced rental demand and prices.
In 2023 and 2024, the average home prices in zip code 10035 continued to decline, reaching $640,382 in 2023 and further dropping to $592,289 in 2024. This represents a cumulative decrease of 15.6% from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could further impact the housing market in this area.
Looking ahead, based on the recent trends and current market conditions, we can forecast potential scenarios for the next five years. Average home prices may stabilize or show modest growth as the market adjusts to higher interest rates and potential economic changes. Rent prices could continue to fluctuate, potentially rising moderately as the rental market remains dominant in the area. However, these trends could be influenced by broader economic factors and local policy changes.
In summary, zip code 10035 in Manhattan presents a unique real estate environment characterized by a persistently low homeownership rate, volatile average home prices, and a strong rental market. The area has experienced significant price fluctuations in both the ownership and rental sectors, with recent trends indicating a cooling in the housing market. The coming years may bring further adjustments as the market responds to higher interest rates and evolving economic conditions.
