Loading Content...
Zip Code 10573: Rising Home Values and Stable Ownership in Rye Brook, NY
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 10573, located in Rye Brook, New York, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a relatively balanced mix of owners and renters, with average home prices showing significant appreciation and average rent prices steadily increasing. The homeownership rate in zip code 10573 has remained relatively stable, fluctuating between 52% and 55% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $490,194, which increased to $695,297 by 2022, representing a substantial 41.8% appreciation over nine years. This trend suggests a strong correlation between rising property values and sustained homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of steady homeownership rates around 52-53%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, reaching 54% in 2019. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 10573 have shown minor fluctuations, ranging from 45% to 48% between 2013 and 2022. Concurrently, average rent prices have experienced a steady increase. In 2013, the average rent was $1,574, which rose to $1,816 by 2022, marking a 15.4% increase over nine years. This upward trend in rent prices, coupled with the area's growing population (from 38,012 in 2013 to 40,818 in 2022), suggests a consistent demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 10573 continued its upward trajectory. The average home price reached $721,865 in 2023 and further increased to $764,521 in 2024, representing a significant 10% rise over two years. This growth occurred despite the sharp increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $850,000 by 2029. Similarly, average rent prices are likely to continue their steady climb, potentially approaching $2,100 per month by 2029. These projections assume continued economic stability and sustained demand in the area.
In summary, zip code 10573 has demonstrated resilience in its housing market, with consistent growth in both average home prices and rent prices over the past decade. The area has maintained a balanced mix of owners and renters, with homeownership rates showing stability despite fluctuations in federal interest rates. The recent surge in home prices, coupled with rising interest rates, suggests a robust local real estate market that continues to attract both homeowners and renters.
