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Zip Code 10512: Rising Home Values and Stable Ownership in Carmel, NY
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 10512, located in Carmel, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban area, known for its scenic beauty and proximity to New York City, has seen a general trend of increasing average home prices alongside fluctuating homeownership rates.
The homeownership rate in zip code 10512 has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 85%, gradually decreasing to 84% by 2022. This slight decrease coincided with a significant increase in average home prices. In 2013, the average home price was $257,336, which rose steadily to reach $402,820 by 2022, representing a 56.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively stable at 81-82%. However, as interest rates began to rise in 2022 to 1.68%, there was a slight increase in homeownership to 84%, possibly indicating a rush to purchase before rates climbed further.
Renter percentages in zip code 10512 have shown a slight increase from 14% in 2013 to 16% in 2022, with some fluctuations in between. This trend has been accompanied by changes in average rent prices. In 2013, the average rent was $1,410, which increased to $1,519 by 2022, representing a 7.7% increase. Notably, there were some fluctuations in rent prices during this period, with the highest average rent of $1,634 recorded in 2016.
Looking at the most recent data, in 2023, the average home price in zip code 10512 reached $421,828, showing a 4.7% increase from 2022. This upward trend continued into 2024, with average home prices rising to $451,203, a further 7% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10512 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $525,000 to $550,000, assuming a moderate annual growth rate of 3-4%. For rent prices, we expect a continued upward trend, potentially reaching an average of $1,700 to $1,800 per month by 2029, based on historical increases and local market conditions.
In summary, zip code 10512 has demonstrated resilience in its housing market, with steadily increasing home values despite slight fluctuations in homeownership rates. The area has maintained a high proportion of owner-occupied homes, even as average home prices have risen substantially. The rental market has also seen growth, both in terms of renter percentages and average rent prices. These trends, combined with the recent increases in federal interest rates, suggest a dynamic and evolving housing market in this New York suburb.
