10914, Blooming Grove, NY

The 10914 zip code of Blooming Grove, New York is located in Monroe County and has a population of approximately 10,000. The median household income in the 10914 zip code is $101,000 and the median home value is $527,500.

There has been a recent increase in home equity values in the 10914 zip code. In 2016, the median home value increased by 5.4% from 2015 and by 8.1% from 2014. This trend is likely to continue as there has been an increase of over 20% in home values since 2013. Home equity values are also increasing faster than inflation rates which indicates that homeowners are benefiting from rising prices more than renters are.

Homeownership rates in the 10914 zip code are high compared to other areas of Monroe County and New York State as a whole. In 2016, 78% of households were owner-occupied while 22% were renter-occupied which is above the statewide average of 61%. This high homeownership rate may be due to low interest rates and strong demand for housing within the 10914 zip code.

Despite this high homeownership rate, there have been concerns raised about potential bubble conditions within the 10914 zip code due to rapid increases in home values and limited supply of homes for sale. If prices continue to rise rapidly without an accompanying increase in available homes for sale then it could lead to a housing market crash similar to what occurred during the Great Recession of 2008-2009.