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Zip Code 10707: Rising Home Values and Shifting Ownership Trends in Yonkers, 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
Zip code 10707, located in Yonkers, New York, has experienced notable fluctuations in its real estate market over the past decade. This area, covering 1.24 square miles, has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 10707 has shown a general decline from 2013 to 2022. In 2013, 62% of residents were homeowners, but this figure dropped to 56% by 2022. Conversely, the average home prices in the area have demonstrated a strong upward trend. In 2013, the average home price was $510,232, which steadily increased to $796,942 by 2022, representing a substantial 56.2% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 10707. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, ranging from 59% to 62%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), we observed a slight decrease in homeownership rates, dropping to 60% by 2017. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a brief increase in homeownership to 61% in 2020, before declining again as rates started to climb in 2022.
The renter population in zip code 10707 has shown an overall increase from 37% in 2013 to 44% in 2022. Interestingly, average rent prices have not followed a consistent upward trend during this period. In 2013, the average rent was $1,844, which fluctuated over the years, reaching a peak of $1,797 in 2015 before declining to $1,746 in 2022. This suggests that despite the increasing proportion of renters, other factors such as local housing supply and broader economic conditions have influenced rent prices.
In 2023 and 2024, the real estate market in zip code 10707 continued to evolve. The average home price rose to $804,811 in 2023 and further increased to $824,599 in 2024, marking a 3.5% year-over-year growth. This upward trend occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and market dynamics in the area.
Looking ahead, predictive models suggest that average home prices in zip code 10707 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices, which have shown more volatility, are predicted to stabilize and potentially see modest increases as the renter population continues to grow. However, economic factors and local market conditions will play crucial roles in shaping these trends.
In summary, zip code 10707 has experienced a decline in homeownership rates coupled with a significant increase in average home prices over the past decade. The renter population has grown, while average rent prices have fluctuated. Recent years have seen continued growth in home values despite rising interest rates, setting the stage for an evolving real estate landscape in this Yonkers neighborhood.
