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Zip Code 10607: Rising Home Values and Shifting Ownership Trends in Fairview, New York
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
Fairview, located in zip code 10607 in New York, is a suburban community characterized by a predominantly owner-occupied housing market. Over the past decade, this area has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Fairview has shown a slight decline from 2013 to 2020, dropping from 85% to 77%. However, there was a rebound in 2021 and 2022, with the rate increasing to 82%. This trend generally inversely correlates with average home prices, which have seen a steady increase. In 2013, the average home price was $380,031, rising to $628,347 by 2022, representing a substantial 65% increase over this period. This increase in home prices may have contributed to the initial decline in homeownership rates, as higher prices potentially made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Fairview. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates typically encourage homeownership by making mortgages more affordable. However, the slight decline in homeownership during this period, despite low interest rates, suggests that rising home prices may have outweighed the benefits of low financing costs for some potential buyers. The recent uptick in homeownership rates in 2021 and 2022, coinciding with interest rates rising to 1.68% in 2022, may indicate a rush to purchase homes before rates increased further.
Renter percentages in Fairview have generally mirrored the inverse of homeownership rates, increasing from 14% in 2013 to a peak of 23% in 2020, before declining to 18% in 2022. Average rent prices have shown volatility, starting at $1,778 in 2013, peaking at $2,032 in 2017, and then fluctuating to end at $1,729 in 2022. The population has remained relatively stable, ranging from 7,058 to 7,607 during this period, suggesting that changes in renter percentages and rent prices are more likely influenced by economic factors and housing market conditions rather than significant population shifts.
In 2023 and 2024, Fairview has seen a continuation of the upward trend in average home prices. The average home price reached $667,341 in 2023 and further increased to $709,347 in 2024, representing a 6.3% year-over-year increase. This rise in home prices has occurred alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and potentially influence future homeownership rates in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in Fairview may continue to rise, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest an annual increase of 3-5%, which could lead to average home prices reaching approximately $820,000 to $905,000 by 2029. Average rent prices, which have shown more volatility, might stabilize or see moderate increases, potentially reaching $1,900 to $2,100 per month by 2029, assuming an annual growth rate of 2-4%.
In summary, Fairview (10607) has experienced a complex interplay between homeownership rates, average home prices, and rental market dynamics over the past decade. The area has seen substantial appreciation in home values, a recent rebound in homeownership rates, and fluctuating rental prices. The coming years may bring continued growth in home prices, albeit potentially at a more moderate pace, while the rental market may see stabilization or modest increases. These trends will likely be influenced by broader economic factors, including interest rates and local market conditions.
