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Zip Code 10990: Rising Home Values and Stable Ownership in Warwick, 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
Warwick, located in zip code 10990 in New York State, is a community that has experienced notable changes in homeownership and housing prices over the past decade. This area has maintained a high rate of homeownership, with average home prices showing a steady increase, while average rent prices have fluctuated.
The homeownership rate in Warwick has remained relatively stable, with a slight downward trend from 2013 to 2019, followed by a modest recovery. In 2013, the homeownership rate stood at 80%, dipping to its lowest point of 75% in 2019, before rebounding to 77% in 2022. This trend has occurred alongside a significant increase in average home prices. The average home price in 2013 was $286,980, which rose steadily to reach $482,204 in 2022, representing a substantial 68% increase over this period.
The relationship between federal interest rates and homeownership rates in Warwick shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates stayed relatively stable. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates. This suggests that higher interest rates may have made home purchases less affordable for some residents.
The renter population in Warwick has shown a corresponding inverse trend to homeownership. The percentage of renters increased from 20% in 2013 to a peak of 25% in 2019, before settling at 23% in 2022. Average rent prices have fluctuated during this period, starting at $1,458 in 2013, reaching a low of $1,351 in 2019, and then climbing to $1,498 in 2022. This represents a modest 2.7% increase in average rent over the decade, despite the significant rise in home prices.
In 2023 and 2024, the housing market in Warwick continued its upward trajectory. The average home price reached $506,502 in 2023 and further increased to $528,385 in 2024. This represents a substantial 9.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, based on the observed trends, we can predict that average home prices in Warwick are likely to continue rising over the next five years, albeit possibly at a slower rate due to higher interest rates. Average home prices could potentially reach around $600,000 by 2029. Average rent prices, which have shown more modest growth, may continue to increase gradually, potentially reaching around $1,700 by 2029.
In summary, Warwick has maintained a high rate of homeownership despite significant increases in average home prices. The inverse relationship between homeownership and rental rates, coupled with the impact of fluctuating interest rates, has shaped the housing market in this zip code. The substantial growth in home values, particularly in recent years, suggests a strong demand for housing in this area, which is likely to continue influencing both the ownership and rental markets in the coming years.
