Loading Content...
Zip Code 10701: Rising Home Values and Stable Ownership in Yonkers, 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 10701, located in Yonkers, New York, has experienced notable fluctuations in population, homeownership rates, and housing prices over the past decade. This area has maintained a predominantly renter-occupied housing market, with a consistent trend of around 70% of residents renting their homes.
The homeownership rate in zip code 10701 has remained relatively stable, hovering around 30% from 2013 to 2022. Despite this stability, average home prices have shown a significant upward trend. In 2013, the average home price was $313,955, which steadily increased to $529,683 by 2022, representing a substantial 68.7% increase over this period. This trend suggests that while the proportion of homeowners has remained constant, the cost of homeownership has risen considerably.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate slightly increased from 28% to 30%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, the homeownership rate remained stable at around 30%, indicating that other factors may have counterbalanced the effect of rising interest rates.
Renter occupancy has consistently accounted for about 70% of the housing market in zip code 10701 from 2013 to 2022. During this period, average rent prices have shown a gradual increase. In 2013, the average rent was $1,331, which rose to $1,486 by 2022, an increase of 11.6%. This increase in rent prices, while significant, has been less dramatic than the rise in home prices. The relatively stable renter percentage despite rising rents could be attributed to the even steeper increase in home prices, potentially making renting a more accessible option for many residents.
In 2023 and 2024, the housing market in zip code 10701 continued its upward trajectory. The average home price reached $540,346 in 2023 and further increased to $563,576 in 2024, representing a 4.3% year-over-year increase. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can project that average home prices in zip code 10701 may continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also likely to increase, albeit at a slower rate, and could approach $1,700 per month by 2029. These projections assume a continuation of current economic conditions and housing market trends.
In summary, zip code 10701 has maintained a consistent ratio of renters to homeowners over the past decade, despite significant increases in both home prices and rent. The area has seen substantial appreciation in property values, with average home prices increasing by over 68% from 2013 to 2022. While rent prices have also risen, the increase has been more moderate. The stability in the renter-to-homeowner ratio, coupled with rising housing costs, suggests a resilient housing market that continues to attract both renters and buyers, despite increasing prices.
