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Zip Code 10709: Rising Home Values and Shifting Ownership in Eastchester, 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 10709, located in Eastchester, New York, presents an interesting case study of housing trends in a densely populated suburban area. Over the past decade, this zip code has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic and demographic changes.
The homeownership rate in zip code 10709 has shown a slight decline over the years, dropping from 81% in 2013 to 78% in 2022. This trend coincides with a significant increase in average home prices, which rose from $579,982 in 2013 to $833,008 in 2022, representing a 43.6% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 10709. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which corresponded with relatively stable homeownership rates around 80-81%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a gradual decline in homeownership rates, reaching 76% in 2019. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The renter population in zip code 10709 has shown a corresponding increase, rising from 19% in 2013 to 22% in 2022. This shift has been accompanied by a substantial increase in average rent prices, which grew from $2,054 in 2013 to $2,351 in 2022, a 14.5% increase. The rise in both renter percentage and average rent prices suggests a growing demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
Looking at the most recent data, average home prices in zip code 10709 continued to rise, reaching $871,851 in 2023 and $913,385 in 2024. This represents a further 9.7% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with escalating home prices, may further impact homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10709 will continue to rise, potentially reaching around $1,050,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,700 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 10709 has experienced a gradual shift towards a higher proportion of renters, driven by rising home prices and fluctuating interest rates. The area has seen substantial appreciation in property values and rent prices, reflecting its desirability and the broader economic trends of the region. As the housing market continues to evolve, it will be crucial to monitor these trends and their impact on the local community's demographic composition and housing affordability.
