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Zip Code 10310: Staten Island's Resilient Housing Market Amidst Rising Home Values
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 10310, located in Staten Island, New York, has experienced significant changes in its housing market over the past decade. This area has seen a general trend of increasing average home prices, while ownership percentages have remained relatively stable with some minor fluctuations.
The homeownership rate in zip code 10310 has shown slight variations between 2013 and 2022. In 2013, the ownership rate was 60%, and by 2022, it stood at 58%. During this period, average home prices saw a substantial increase. In 2013, the average home price was $367,387, and by 2022, it had risen to $628,753, representing a 71% increase over nine years. This trend suggests that despite rising home prices, homeownership rates remained relatively stable in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates in the zip code increased slightly from 60% to 61%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates showed minor fluctuations but generally remained around 60%. This suggests that while low interest rates may have supported homeownership, other factors also influenced the local housing market.
Renter percentages in zip code 10310 have shown inverse trends to homeownership rates, as expected. The percentage of renters increased from 39% in 2013 to 42% in 2022. Average rent prices in the area have also seen an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,425, and by 2022, it had increased to $1,491, representing a 4.6% rise over the period. The population in the zip code has also grown from 25,383 in 2013 to 25,400 in 2022, which may have contributed to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 10310 for 2023 was $625,676, showing a slight decrease from 2022. However, in 2024, the average home price has risen again to $629,342. This recent uptick occurs despite higher interest rates, with the federal interest rate at 5.33% in 2024, up from 5.02% in 2023.
Based on the historical data and current trends, we can make some predictions for the next five years. Average home prices in zip code 10310 are likely to continue their upward trajectory, potentially reaching around $700,000 by 2029. However, this growth may be moderated by higher interest rates, which could slow the pace of price increases. Average rent prices are also expected to rise, potentially reaching $1,700 to $1,800 per month by 2029, driven by population growth and housing demand in the area.
In summary, zip code 10310 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, housing prices, and rental market dynamics has shaped the local real estate landscape. Moving forward, the area is likely to see continued growth in both home values and rental prices, reflecting the ongoing demand for housing in this Staten Island neighborhood.
