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Zip Code 10708: Steady Homeownership and Rising Home Values 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 10708, located in Yonkers, New York, is a vibrant area characterized by its stable homeownership rates and fluctuating real estate market. Over the past decade, this zip code has maintained a consistently high percentage of owner-occupied housing units, while experiencing notable changes in average home prices and average rent costs.
The homeownership rate in zip code 10708 has remained relatively stable, hovering around 74-75% from 2013 to 2022. During this period, average home prices demonstrated a general upward trend, albeit with some fluctuations. In 2013, the average home price was $701,599, which increased to $939,830 by 2022, representing a significant 33.9% growth over nine years. Notably, there was a substantial jump in average home prices between 2020 and 2022, rising from $806,347 to $939,830, a 16.5% increase in just two years.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat nuanced. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively constant. This suggests that other factors, such as local market conditions or demographic trends, may have played a more significant role in homeownership decisions in this area than interest rates alone.
Renter percentages in zip code 10708 have consistently remained around 25-26% from 2013 to 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,669, which increased to $2,035 by 2022, a 21.9% rise over nine years. The most significant jump occurred between 2014 and 2015, when average rent increased from $1,734 to $2,003, a 15.5% surge in a single year. Interestingly, despite the relatively stable renter percentage, rent prices continued to climb, possibly indicating increased demand for rental properties or improvements in the quality of available rentals.
Looking at the most recent data, the average home price in zip code 10708 for 2023 was $932,763, showing a slight decrease of 0.75% from 2022. However, in 2024, the average home price rebounded to $937,684, a 0.53% increase from 2023. This recent trend suggests a stabilization in the housing market after the significant growth observed in previous years. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10708 will continue to rise, but at a more moderate pace compared to the rapid growth seen in recent years. The high interest rates may temper demand, leading to a projected average annual growth rate of 2-3% for home prices. For average rent prices, we expect a continued upward trend, with an estimated annual increase of 3-4%, driven by ongoing demand for rental properties in the area.
In summary, zip code 10708 has maintained a stable homeownership rate despite fluctuations in the housing market. The area has seen significant growth in both average home prices and average rent costs over the past decade, with recent data suggesting a potential stabilization in the housing market. The interplay between federal interest rates, homeownership rates, and housing prices in this zip code highlights the complex dynamics of local real estate markets.
