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Zip Code 10917: Rising Home Values and Increasing Ownership in Woodbury, NY
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 10917, located in Woodbury, New York, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership, rising average home prices, and variable average rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 10917 has shown a notable upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 83%, which steadily increased to 91% by 2022. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $294,430, which rose to $479,660 by 2022, representing a 62.9% increase over this period. This parallel growth suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 10917. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates increased from 83% to 86%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable, fluctuating between 85% and 88%. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates surged to 93%, possibly due to broader economic factors and changing housing preferences during the COVID-19 pandemic.
The renter percentage in zip code 10917 has shown an inverse relationship to homeownership rates, decreasing from 17% in 2013 to 9% in 2022. Despite this decline in the renter population, average rent prices have generally increased. In 2013, the average rent was $1,340, which rose to $1,794 by 2022, a 33.9% increase. This trend suggests that despite fewer renters, demand for rental properties remains strong, possibly due to factors such as limited rental inventory or increasing property values in the area.
In 2023, the average home price in zip code 10917 reached $497,558, representing a 3.7% increase from 2022. This growth continued into 2024, with average home prices rising to $519,114, a further 4.3% increase. These price increases occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong demand for housing in the area even in a higher interest rate environment.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in zip code 10917 over the next five years. Projecting the recent growth rate, average home prices could potentially reach around $600,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially surpassing $2,200 per month within the same timeframe, assuming the current trends persist.
In summary, zip code 10917 has demonstrated a robust housing market characterized by increasing homeownership rates, rising average home prices, and growing average rent prices. The area has shown resilience to fluctuating interest rates, with homeownership rates and property values continuing to climb even in periods of higher interest rates. These trends suggest a strong and desirable housing market in Woodbury, with potential for continued growth in both the ownership and rental sectors.
