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Zip Code 10928: Home Values and Ownership Trends in West Point, New York's Military Academy Area
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 10928, located in West Point, New York, is home to the prestigious United States Military Academy. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting the unique dynamics of a military-affiliated community.
The homeownership rate in zip code 10928 has shown a slight upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 41%, increasing to 46% by 2018, before settling at 42% in 2022. Concurrently, average home prices have demonstrated a more consistent upward trajectory. From 2013 to 2022, average home prices rose from $202,301 to $328,827, representing a substantial 62.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this area shows some interesting patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 41% to 45%. However, even as interest rates rose to 1.83% by 2018, homeownership rates continued to climb, reaching 46%. This suggests that factors beyond interest rates, such as military housing policies or local economic conditions, may have a significant influence on homeownership in this unique zip code.
Renter percentages in zip code 10928 have generally mirrored the inverse of homeownership rates, decreasing slightly from 59% in 2013 to 58% in 2022. Average rent prices, however, have shown more volatility. From 2013 to 2022, average rent increased from $1,609 to $1,904, a 18.3% rise. Notably, there was a sharp increase in 2015 to $1,958, followed by relative stability until 2021 when it peaked at $2,071 before slightly decreasing in 2022.
In 2023 and 2024, average home prices in zip code 10928 continued their upward trajectory, reaching $352,904 in 2023 and $371,301 in 2024. This represents a 7.4% increase from 2023 to 2024, despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in the area, potentially driven by factors such as the desirability of living near the military academy or limited housing supply.
Looking ahead, predictive models suggest that average home prices in zip code 10928 may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $2,200 per month within the same timeframe. These predictions are based on historical trends and current market conditions.
In summary, zip code 10928 has demonstrated resilience in its housing market, with steadily increasing average home prices and relatively stable homeownership rates despite fluctuations in interest rates. The unique characteristics of this military-affiliated area appear to contribute to its distinct housing market dynamics, potentially buffering it against some broader economic trends.
