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Zip Code 10920: High Homeownership and Rising Home Values in Congers, 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 10920, located in Congers, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its suburban charm and proximity to New York City, has maintained a consistently high rate of homeownership while navigating fluctuating housing market conditions.
The ownership percentage in zip code 10920 has remained relatively stable, with a slight upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 84%, and by 2022, it had increased to 87%. This trend coincides with a significant rise in average home prices. In 2013, the average home price was $380,514, which steadily increased to $568,436 by 2022, representing a substantial 49.4% growth over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 10920 remained stable at around 84-85%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the area saw a slight increase in homeownership to 87%, possibly due to residents securing properties before further rate increases.
The renter population in zip code 10920 has fluctuated inversely to homeownership rates, ranging from 13% to 18% between 2013 and 2022. Average rent prices have shown a general upward trend, increasing from $1,607 in 2013 to $1,750 in 2022, a 8.9% rise. Interestingly, the population of the area decreased from 8,852 in 2013 to 7,603 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 10920 continued its upward trajectory. The average home price reached $593,094 in 2023 and further increased to $629,619 in 2024, representing a 10.8% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest a continued upward trend in both average home and rent prices for zip code 10920 over the next five years. Average home prices are projected to surpass $700,000 by 2029, while average rent prices could approach $2,000 per month. These forecasts assume a continuation of current economic conditions and local market trends.
In summary, zip code 10920 has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing property values. The area has weathered changes in interest rates and population fluctuations while maintaining an attractive profile for both homeowners and investors. The projected growth in both home prices and rents suggests ongoing demand for housing in this suburban New York location.
