Loading Content...
Zip Code 10301: Staten Island's Housing Market Resilience Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 10301, located in Staten Island, New York, presents an intriguing case study of homeownership and rental trends over the past decade. This area has experienced fluctuations in both ownership percentages and average home prices, while also seeing a steady increase in average rent prices. The interplay between these factors offers insights into the local real estate market dynamics.
The homeownership rate in zip code 10301 has remained relatively stable, with slight fluctuations between 46% and 48% from 2013 to 2022. Concurrently, average home prices have shown a significant upward trend. In 2010, the average home price was $422,424, which increased to $671,628 by 2022, representing a substantial 59% growth over this period. Notably, the most dramatic rise occurred between 2015 and 2019, with average home prices surging from $442,318 to $629,902, a 42% increase in just four years.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. Despite these favorable borrowing conditions, homeownership rates in zip code 10301 remained relatively constant. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership in this area than interest rates alone.
Renter percentages in zip code 10301 have mirrored the homeownership rates, staying between 52% and 54% from 2013 to 2022. Average rent prices have shown a steady increase over this period. In 2013, the average rent was $1,271, which rose to $1,463 by 2022, an increase of 15%. The population in this zip code has also fluctuated, reaching a peak of 43,261 in 2022, up from 40,631 in 2010. This population growth may have contributed to the upward pressure on both home prices and rents.
Looking at the most recent data, the average home price in zip code 10301 was $663,062 in 2023 and increased slightly to $668,979 in 2024. This represents a modest 0.89% growth from 2023 to 2024. Interestingly, this period also saw a significant increase in federal interest rates, rising from 5.02% in 2023 to 5.33% in 2024, which could potentially impact future home buying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10301 will continue to rise, albeit at a more moderate pace than seen in the previous decade. By 2029, average home prices could reach approximately $730,000 to $750,000, assuming a conservative annual growth rate of 2-3%. Average rent prices are also expected to increase, potentially reaching $1,700 to $1,800 per month by 2029, based on the historical growth rate of about 2-3% per year.
In summary, zip code 10301 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has experienced steady population growth and rising rent prices, indicating a strong demand for housing. The recent stabilization of home prices and the increase in interest rates suggest a potential shift in the market dynamics. Moving forward, while both home prices and rents are expected to continue their upward trajectory, the rate of increase may be more modest compared to the rapid growth observed in the previous decade.
