Loading Content...
Zip Code 10514: Chappaqua's Rising Home Values and Strong Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Chappaqua, located in zip code 10514 in New York, is a charming suburban community known for its excellent schools and high-quality living. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values.
From 2013 to 2022, the percentage of owner-occupied homes in Chappaqua increased from 90% to 92%, peaking at 96% in 2018. During this same period, average home prices rose significantly, from $882,343 in 2013 to $1,174,828 in 2022, representing a 33.1% increase. This upward trend in both homeownership and average home prices suggests a strong correlation between the two factors, likely driven by the area's desirability and economic stability.
The relationship between federal interest rates and homeownership rates in Chappaqua showcases some interesting patterns. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 90% to 94%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates in the area remained high, suggesting other factors such as local economic conditions and housing demand also play significant roles in Chappaqua's housing market.
Renter percentages in Chappaqua have fluctuated inversely to homeownership rates, decreasing from 8% in 2013 to 6% in 2017, before rising slightly to 8% in 2022. Interestingly, average rent prices have shown a general upward trend despite these fluctuations. In 2013, the average rent was $1,905, which decreased to $1,705 in 2015 but then rose significantly to $2,405 by 2022, representing a 26.2% increase over the decade. This trend suggests that even with a relatively small renter population, demand for rental properties in Chappaqua remains strong, possibly due to the area's desirability and limited rental inventory.
Looking at the most recent data, average home prices in Chappaqua continued to rise in 2023 and 2024, reaching $1,232,685 and $1,308,163 respectively. This represents a 5% increase from 2022 to 2023 and a further 6.1% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand and resilience in the Chappaqua housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Chappaqua will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $1,500,000 by 2029. For rent prices, the upward trend is expected to continue, with average rents potentially reaching around $3,000 per month in the next five years, driven by the area's consistently low vacancy rates and high demand.
In summary, Chappaqua (zip code 10514) has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to economic fluctuations, with home prices continuing to rise even in the face of increasing interest rates. The rental market, while smaller, remains strong with rising average rents. These trends underscore Chappaqua's enduring appeal as a residential community and suggest a positive outlook for its real estate market in the coming years.
