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Zip Code 10505: Rising Home Values and Shifting Ownership Patterns in Shenorock, New York
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 10505, located in Shenorock, New York, is a small but dynamic area that has experienced notable shifts in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns and potential future trajectories. The homeownership rate in zip code 10505 has shown a general decline from 2013 to 2018, followed by a recovery in recent years. In 2013, the area boasted a high 95% homeownership rate. However, this figure dropped to 69% by 2018, indicating a significant shift towards renting. Since then, there has been a rebound, with homeownership reaching 83% in 2022. Concurrently, average home prices have steadily increased. In 2013, the average home price was $584,060, rising to $835,975 by 2022, representing a 43% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2015 (0.11% to 0.13%), homeownership rates declined from 95% to 78%. However, as interest rates began to rise from 2016 onwards, homeownership rates stabilized and then increased, reaching 83% in 2022 when the federal interest rate was 1.68%. This suggests that other local factors may have a stronger influence on homeownership trends in this area than national interest rates.
Renter percentages and average rent prices in zip code 10505 have shown interesting trends. The renter population increased from 4% in 2013 to a peak of 31% in 2018, before decreasing to 17% in 2022. Average rent prices have risen significantly during this period, from $1,445 in 2013 to $3,118 in 2022, a 116% increase. The peak in renter percentage coincided with the highest population recorded (705 residents in 2018), suggesting a possible influx of renters during this period.
In 2023 and 2024, the housing market in zip code 10505 continued its upward trajectory. The average home price reached $874,009 in 2023 and further increased to $941,407 in 2024, representing a 12.6% increase over these two years. This growth occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the area.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 10505 are likely to continue their upward trend over the next five years. Based on historical data and current market conditions, average home prices could potentially reach or exceed $1.1 million by 2029. Average rent prices may surpass $3,500 per month in the same timeframe, assuming the current growth rate continues.
In summary, zip code 10505 has demonstrated resilience and growth in its housing market. Despite fluctuations in homeownership rates, the area has seen consistent increases in both home values and rent prices. The recent rebound in homeownership, coupled with rising property values, suggests a strong and desirable real estate market in this New York community. As the area continues to evolve, it will be crucial for both homeowners and renters to monitor these trends closely.
