Loading Content...
Zip Code 10560: Rising Home Values and Stable Ownership in Peach Lake, New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 10560, located in Peach Lake, New York, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area, characterized by its suburban setting, has seen a generally high rate of homeownership, with average home prices showing an overall upward trend despite some periodic dips.
The homeownership rate in zip code 10560 has remained relatively stable, hovering around 80-85% between 2013 and 2022. In 2013, the homeownership rate stood at 86%, gradually decreasing to 79% in 2019 before rebounding to 85% in 2022. Interestingly, this trend coincided with significant changes in average home prices. The average home price in 2013 was $495,510, which increased to $657,333 by 2022, representing a substantial 32.7% growth over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. For instance, the low interest rates of 0.08% in 2021 coincided with a homeownership rate of 83%, while the slight increase to 1.68% in 2022 saw homeownership rise to 85%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 10560 have shown an inverse relationship to homeownership rates, naturally fluctuating between 14% and 21% from 2013 to 2022. The average rent prices have demonstrated considerable volatility during this period. In 2013, the average rent was $1,615, which peaked at $2,540 in 2018 before declining to $1,946 in 2022. This represents a 20.5% increase in average rent from 2013 to 2022, despite the recent downward trend. The population has remained relatively stable, increasing slightly from 4,909 in 2013 to 4,946 in 2022, which may have contributed to the overall stability in the housing market.
Moving to more recent data, the average home price in zip code 10560 continued its upward trajectory, reaching $675,516 in 2023 and further increasing to $716,629 in 2024. This represents a significant 8.9% year-over-year increase from 2022 to 2023, and a 6.1% increase from 2023 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022.
Looking ahead, based on the historical trends and recent data, we can project that average home prices in zip code 10560 are likely to continue their upward trajectory over the next five years. Given the compound annual growth rate of approximately 6.5% observed between 2022 and 2024, we might expect average home prices to reach around $980,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching around $2,500 by 2029, assuming a modest annual growth rate of 5%.
In summary, zip code 10560 has maintained a high rate of homeownership despite fluctuations in average home prices and rent. The area has seen significant appreciation in property values, particularly in recent years, with average home prices increasing by over 30% from 2013 to 2022, and continuing to rise sharply through 2024. The interplay between federal interest rates, homeownership rates, and housing prices underscores the dynamic nature of this local real estate market, with recent trends pointing towards continued growth in property values.
