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Zip Code 10988: Unionville's Rising Home Values and Shifting Ownership Trends
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
Unionville, situated in zip code 10988 in New York, is a small community that has undergone significant changes in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in this area. The homeownership rate in Unionville has experienced a notable decline from 2013 to 2022. In 2013, the percentage of owner-occupied homes stood at 83%, but by 2022, this figure had decreased to 69%. This 14 percentage point reduction indicates a significant shift in the local housing market. Simultaneously, average home prices in the area have seen substantial growth. In 2013, the average home price was $149,132, and by 2022, it had risen to $273,493, representing an impressive 83.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in Unionville demonstrates an interesting pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, ranging from 83% to 93%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline more rapidly, dropping from 89% in 2017 to 69% in 2022. This trend aligns with the general expectation that higher interest rates can make homeownership less affordable and potentially discourage buyers.
The renter percentage in Unionville has inversely mirrored the homeownership trend, increasing from 17% in 2013 to 31% in 2022. Despite this increase in renters, average rent prices have shown only moderate fluctuations. In 2013, the average rent was $1,319, and by 2022, it had decreased slightly to $1,190, representing a 9.8% decrease. This trend suggests that while more residents are renting, the rental market has remained relatively stable in terms of pricing.
In 2023 and 2024, the housing market in Unionville continued to evolve. The average home price in 2023 reached $290,286, a 6.1% increase from 2022. In 2024, the average home price further increased to $310,845, representing a 7.1% growth from 2023. Notably, federal interest rates also saw significant increases, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Unionville may continue to rise over the next five years, potentially reaching around $375,000 by 2029 if current trends persist. Average rent prices, which have been more stable, may see modest increases, potentially reaching approximately $1,350 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Unionville has experienced a significant shift from homeownership to renting over the past decade, coupled with substantial increases in average home prices. The inverse relationship between rising interest rates and declining homeownership rates is particularly noteworthy. While the rental market has grown, average rent prices have remained relatively stable. The continued rise in home prices and interest rates in 2023 and 2024 suggests ongoing changes in the local housing market dynamics.
