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Zip Code 10452: Bronx's Rental Haven with Volatile 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 10452, located in the Bronx, New York, is a densely populated urban area characterized by a high proportion of renters and a dynamic real estate market. Over the past decade, this zip code has experienced significant changes in average home prices and average rent, while maintaining a consistently low homeownership rate. The homeownership rate in zip code 10452 has remained remarkably stable, hovering around 3% from 2013 to 2022. Despite this consistency, average home prices have shown considerable volatility. In 2013, the average home price was $157,056, which steadily increased to $308,665 by 2021, representing a substantial 96.5% increase over eight years. However, 2022 saw a slight dip to $305,232, marking the beginning of a downward trend in home values. Federal interest rates have played a role in shaping the housing market in zip code 10452, although the impact on homeownership rates appears minimal. Despite historically low interest rates between 2010 and 2021, ranging from 0.08% to 2.16%, the area's homeownership rate remained consistently low. This suggests that other factors, such as income levels, housing affordability, and local economic conditions, may have a more significant influence on homeownership in this particular zip code.
The renter population in zip code 10452 has consistently accounted for 97% of the total occupancy from 2013 to 2022. During this period, average rent prices have shown a general upward trend. In 2013, the average rent was $1,069, which increased to $1,209 by 2021, representing a 13.1% rise. Interestingly, 2022 saw a slight decrease to $1,127, aligning with the dip observed in average home prices. The high renter percentage coupled with rising rent prices suggests a strong demand for rental properties in the area, possibly driven by the growing population, which increased from 77,603 in 2013 to 81,359 in 2022.
Looking at the most recent data, 2023 saw a significant drop in average home prices to $273,708, a 10.3% decrease from 2022. This trend continued into 2024, with average home prices further declining to $264,888. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially contributing to the cooling of the housing market in this zip code.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10452 may continue to experience downward pressure in the short term, influenced by higher interest rates and economic factors. However, given the area's consistent population growth and limited housing supply, prices are likely to stabilize and potentially show modest growth in the latter part of the 5-year period. Average rent prices are expected to remain relatively stable with a slight upward trend, reflecting the persistent high demand for rental properties in the area.
In summary, zip code 10452 presents a unique housing landscape characterized by a predominantly renter-occupied market with steadily increasing average rent prices over the past decade. While average home prices experienced significant growth from 2013 to 2021, recent data indicates a cooling trend. The area's resilience in maintaining high occupancy rates despite market fluctuations suggests a strong underlying demand for housing in this Bronx neighborhood.
