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Zip Code 10591: Rising Home Values and Shifting Ownership Trends in Tarrytown, 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 10591, located in Tarrytown, New York, has experienced significant changes in homeownership rates and property values over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics. From 2013 to 2022, the homeownership rate in zip code 10591 fluctuated, starting at 53% in 2013 and ending at 50% in 2022. During this same period, average home prices showed a consistent upward trend, rising from $588,512 in 2013 to $867,519 in 2022, representing a substantial increase of 47.4% over nine years. The relationship between federal interest rates and homeownership rates in this area is noteworthy. In 2013, when the federal interest rate was 0.11%, the homeownership rate was 53%. As interest rates remained low through 2016 (0.40%), homeownership slightly decreased to 52%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates dropped to 50%. This trend suggests that despite low interest rates generally encouraging homeownership, other local factors may have influenced the slight decline in ownership rates during this period.
Regarding rental trends, the percentage of renters increased from 47% in 2013 to 50% in 2022. Concurrently, average rent prices rose from $1,661 in 2013 to $1,708 in 2022, an increase of 2.8%. The population also grew during this period, from 23,240 in 2013 to 24,408 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 10591 for 2023 was $872,182, showing a slight increase from 2022. In 2024, the average home price further rose to $881,387. Federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10591 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current economic conditions, we project average home prices could reach approximately $950,000 to $1,000,000 by 2029. For average rent prices, we expect a moderate increase, potentially reaching around $1,900 to $2,000 per month in the next five years, assuming continued population growth and demand for rental properties.
In summary, zip code 10591 has experienced a slight shift towards renting over the past decade, with homeownership rates decreasing from 53% to 50%. Despite this trend, average home prices have shown robust growth, increasing by 47.4% from 2013 to 2022. The rental market has seen more modest growth in prices, with a 2.8% increase in average rents over the same period. The recent spike in federal interest rates to 5.33% in 2024 may influence future homeownership trends and property values, potentially slowing the rate of price appreciation in the coming years.
