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Zip Code 10460: Bronx Neighborhood Sees Rising Home Values Amidst Renter-Dominated 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
Zip code 10460 in the Bronx, a densely populated urban area of New York City, is characterized by a predominantly renter-occupied housing market and steadily increasing average home prices over the past decade. This zip code has experienced fluctuations in homeownership rates and average rent prices, reflecting the dynamic nature of its real estate market.
From 2013 to 2022, the percentage of owner-occupied housing in zip code 10460 showed a slight increase, rising from 9% to 10%. During this same period, average home prices experienced significant growth, climbing from $290,217 in 2013 to $451,859 in 2022, representing a 55.7% increase. This upward trend in home prices appears to have had a limited impact on homeownership rates, which remained relatively stable despite the substantial appreciation in property values.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased slightly from 9% to 10%. However, even as interest rates rose more sharply from 2017 to 2019 (1.00% to 2.16%), homeownership rates held steady at 11%, suggesting that other factors beyond interest rates were influencing homeownership decisions in this area.
Renter percentages in zip code 10460 have remained consistently high, hovering around 89-90% from 2013 to 2022. Average rent prices have shown a general upward trend during this period, increasing from $1,074 in 2013 to $1,140 in 2022, an overall rise of 6.1%. The stability in renter percentages, despite rising rent prices, may be attributed to the area's growing population, which increased from 55,837 in 2013 to 59,732 in 2022, potentially sustaining demand for rental properties.
In 2023 and 2024, the zip code experienced a significant shift in average home prices. The average home price in 2023 was $399,377, representing a sharp 11.6% decrease from 2022. This downward trend continued into 2024, with average home prices further declining to $386,081. Concurrently, federal interest rates rose substantially, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the cooling of the housing market in this area.
Looking ahead, predictive models suggest that average home prices in zip code 10460 may continue to experience some volatility in the next five years. The recent downturn could lead to a period of price stabilization or modest growth as the market adjusts to higher interest rates. Average rent prices are projected to maintain a steady upward trajectory, albeit at a more moderate pace than seen in previous years, driven by the area's consistently high renter population and ongoing demand for rental properties.
In summary, zip code 10460 in the Bronx has maintained a high proportion of renters despite fluctuations in average home and rent prices. The area has witnessed substantial growth in property values over the past decade, followed by a recent sharp decline. The interplay between federal interest rates, population growth, and local market dynamics continues to shape the housing landscape in this densely populated urban zip code.
