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Zip Code 10606: Rising Home Values and Ownership Trends in White Plains, 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 10606, located in White Plains, New York, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and a fluctuating balance between owner-occupied and renter-occupied housing units.
The ownership percentage in zip code 10606 has shown an overall increasing trend from 2013 to 2018, rising from 42% to 50%. However, it experienced a slight decline after 2018, settling at 44% in 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $458,507, which steadily increased to $565,190 by 2018. This rise in home prices may have contributed to the initial increase in homeownership as property values appreciated. However, the subsequent decline in ownership rates after 2018 could be attributed to affordability issues as prices continued to climb, reaching $652,669 in 2022.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2015, interest rates remained extremely low, hovering around 0.1%. This period coincided with a slight increase in homeownership from 42% to 43%. As interest rates began to rise gradually from 2016 to 2019, reaching 2.16%, we saw homeownership rates peak at 50% in 2018. This suggests that while low interest rates initially encouraged homeownership, the gradual increase may have prompted more people to buy homes before rates climbed further.
The renter percentage in zip code 10606 has shown an inverse relationship to homeownership rates, declining from 58% in 2013 to 50% in 2018, before rising again to 56% in 2022. Average rent prices have generally increased over this period, starting at $1,760 in 2013 and reaching $1,966 in 2022. However, rent prices have not shown a consistent upward trend, with fluctuations observed throughout the years. For instance, average rent peaked at $1,940 in 2016 before declining to $1,698 in 2018, possibly contributing to the higher homeownership rate that year.
In 2023 and 2024, we see a continued upward trend in average home prices in zip code 10606. The average home price reached $675,580 in 2023 and further increased to $712,414 in 2024. This represents a significant jump from the 2022 average of $652,669. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with rising home prices, may present challenges for potential homebuyers in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 10606 will continue to rise over the next five years, potentially reaching around $800,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,200 per month within the same timeframe. However, the rate of increase may slow down if interest rates remain high, potentially affecting affordability and demand.
In summary, zip code 10606 has experienced a dynamic housing market over the past decade, with fluctuating homeownership rates, steadily increasing average home prices, and variable average rent prices. The interplay between these factors, along with changes in federal interest rates, has shaped the local real estate landscape. As we move forward, the area is likely to see continued growth in property values, but the pace may be moderated by higher interest rates and affordability concerns.
