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Zip Code 10710: Rising Home Values and Stable Ownership 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 10710, located in Yonkers, New York, showcases a dynamic real estate landscape with notable trends in homeownership and rental markets. Over the past decade, this area has experienced fluctuations in ownership percentages, average home prices, and average rent prices, reflecting broader economic and demographic shifts.
The homeownership rate in zip code 10710 has shown a slight downward trend from 2013 to 2022. In 2013, the ownership percentage stood at 71%, gradually decreasing to 69% by 2022. This decline coincides with a significant increase in average home prices. In 2013, the average home price was $400,771, which rose steadily to reach $632,527 by 2022, representing a substantial 57.8% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates remained below 0.5%, the homeownership rate in zip code 10710 experienced a slight decline from 71% to 68%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate stabilized around 68-69%. Interestingly, despite historically low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained relatively stable at 69% and 67%, possibly due to economic uncertainties during the pandemic.
The renter population in zip code 10710 has seen a modest increase, from 28% in 2013 to 31% in 2022. This growth in the rental market has been accompanied by a significant rise in average rent prices. In 2013, the average rent was $1,469, which increased to $1,727 by 2022, representing a 17.6% increase. The most substantial jump occurred between 2020 and 2021, when average rent rose from $1,787 to $1,905, a 6.6% increase in a single year. This surge may be attributed to the area's growing population, which increased from 25,633 in 2020 to 27,239 in 2021, potentially driving up demand for rental properties.
Looking at the most recent data, the average home price in zip code 10710 continued its upward trajectory, reaching $654,179 in 2023 and further climbing to $684,858 in 2024. This represents a 3.4% increase from 2022 to 2023, and a 4.7% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 10710 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $800,000 to $850,000, assuming a conservative annual growth rate of 3-4%. For average rent prices, we project a continued upward trend, potentially reaching $2,000 to $2,200 per month by 2029, based on historical growth patterns and anticipated demand in the area.
In summary, zip code 10710 has experienced a gradual shift towards a slightly higher proportion of renters, coupled with substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, population changes, and housing affordability has shaped these trends. As the area continues to evolve, it will be crucial to monitor how these factors influence the local real estate market and community dynamics in the coming years.
