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Zip Code 10974: Rising Home Values and Ownership Rates in Sloatsburg, 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 10974, located in Sloatsburg, New York, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a notable shift towards increased homeownership, coupled with fluctuations in average home prices and rent costs.
The ownership percentage in zip code 10974 has shown a steady upward trend from 2013 to 2022. In 2013, the homeownership rate was 76%, which increased to 83% by 2022. This rise in homeownership coincided with changes in average home prices. The average home price in 2013 was $264,423, which initially decreased to $263,920 in 2014 before beginning an upward trajectory. By 2022, the average home price had risen to $429,263, representing a substantial increase of 62.5% over the 2013 figure.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with the initial increase in homeownership from 76% to 80%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 80-81%. The dramatic drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) corresponded with a further increase in homeownership to 84%, likely due to more affordable financing options.
Renter percentages in zip code 10974 have inversely mirrored the homeownership trend, decreasing from 23% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $1,675, which increased to $1,945 by 2022, representing a 16% increase. This rise in rent prices occurred despite a decrease in the local population from 4,074 in 2013 to 3,866 in 2022, suggesting that factors beyond local demand were influencing rent costs.
In 2023 and 2024, the real estate market in zip code 10974 continued to evolve. The average home price in 2023 reached $455,037, a 6% increase from 2022. In 2024, it further climbed to $501,114, marking a significant 10.1% year-over-year increase. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent costs for zip code 10974 over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $650,000 by 2029. Average rent prices are expected to rise at a more modest rate of 2-3% per year, potentially reaching $2,200 by 2029.
In summary, zip code 10974 has experienced a significant shift towards homeownership, with the rate increasing from 76% to 83% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, particularly in recent years. Despite a decreasing renter population, average rent prices have also risen, albeit at a slower pace than home prices. The interplay between federal interest rates, local population changes, and broader economic factors has shaped these trends, creating a dynamic real estate landscape in this New York village.
