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Zip Code 10987: Rising Home Values and Ownership Trends in Tuxedo, 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 10987, located in Tuxedo, New York, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership, with average home prices showing substantial growth, particularly in recent years.
The homeownership rate in zip code 10987 has shown a notable upward trend, increasing from 77% in 2013 to 81% in 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $752,937, which steadily climbed to $1,118,994 by 2022, representing a 48.6% increase over this period. The most dramatic price surge occurred between 2020 and 2022, with average home prices jumping from $858,168 to $1,118,994, a 30.4% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the increased homeownership, making mortgage financing more accessible and affordable for potential buyers. The sharp rise in homeownership from 80% in 2018 to 84% in 2021 coincided with interest rates dropping from 1.83% to 0.08%, further illustrating this relationship.
Renter percentages in zip code 10987 have inversely mirrored the homeownership trend, decreasing from 23% in 2013 to 19% in 2022. Despite this decline in the renter population, average rent prices have shown a consistent upward trajectory. The average rent increased from $1,135 in 2013 to $1,602 in 2022, a 41.1% rise. This increase in rent prices, despite a smaller renter population, could be attributed to the overall growth in property values and increased housing demand in the area, as evidenced by the population growth from 3,487 in 2013 to 3,996 in 2022.
Moving into 2023 and 2024, the housing market in zip code 10987 continues to show robust growth. The average home price reached $1,211,800 in 2023 and further increased to $1,295,102 in 2024, representing a 15.7% increase from 2022 to 2024. This sustained price growth occurs despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong underlying demand in this market.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 10987 could potentially reach or exceed $1.5 million by 2029. Similarly, average rent prices may surpass $1,800 per month within the same timeframe, assuming the current growth rate persists.
In summary, zip code 10987 has demonstrated a clear trend of increasing homeownership rates, coupled with substantial growth in both average home prices and rent prices. The area has shown resilience to rising interest rates, maintaining strong property value appreciation. These trends, combined with population growth, suggest a robust and desirable housing market in this New York village, with continued potential for property value appreciation and rental market strength in the coming years.
