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Zip Code 10307: Rising Home Values and Stable Ownership in Staten Island's Resilient Housing 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
Staten Island's zip code 10307 presents an intriguing case study of housing trends in New York City. This area, located on the southern tip of Staten Island, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a high rate of homeownership, consistently above 75%, with average home prices steadily increasing despite some short-term variations.
The homeownership rate in zip code 10307 has remained relatively stable, with minor fluctuations. In 2013, the homeownership rate was 78%, and it reached its peak at 81% in 2014. There was a slight decline to 76% in 2016, which held steady until 2018. By 2022, the homeownership rate had rebounded to 80%. This high rate of homeownership coincides with a notable increase in average home prices. In 2013, the average home price was $493,090, and it rose consistently, reaching $739,784 by 2022, representing a substantial 50% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), the homeownership rate actually decreased slightly from 78% to 76%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate remained stable at 76-77%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in zip code 10307 have shown inverse trends to homeownership, naturally. The renter-occupied percentage was 22% in 2013, peaked at 24% from 2016 to 2018, and then decreased to 20% by 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $1,392, which decreased to $1,286 in 2018, before rising again to $1,440 in 2022. These changes in rent prices don't appear to have a strong correlation with the percentage of renters, suggesting that other factors such as local economic conditions or housing availability may play a more significant role in determining renter percentages.
Looking at the most recent data, the average home price in zip code 10307 continued to rise, reaching $751,027 in 2023 and $758,531 in 2024. This represents a 2.5% increase from 2022 to 2024, indicating a slower rate of appreciation compared to previous years. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price appreciation in the area.
Based on the historical trends and current data, we can make some predictions for the next five years. Average home prices in zip code 10307 are likely to continue their upward trajectory, albeit at a slower pace due to higher interest rates. We might expect average home prices to reach around $800,000 to $850,000 by 2029. Rent prices, which have shown more volatility, may stabilize or increase moderately, potentially reaching an average of $1,600 to $1,700 per month by 2029.
In summary, zip code 10307 in Staten Island demonstrates a strong preference for homeownership, with consistently high rates above 75%. The area has seen substantial appreciation in average home prices over the past decade, outpacing changes in rent prices. While federal interest rates have shown some influence, local factors appear to play a more significant role in shaping housing trends in this zip code. As we look to the future, we can expect continued, though potentially moderated, growth in both home prices and rent, reflecting the area's desirability and the broader economic conditions affecting New York City's real estate market.
