10983, Tappan, NY

The 10983 zip code of Tappan, NY is located in Rockland County and has a population of approximately 25,000. The median household income in the zip code is $86,500 and the median family income is $102,500. Home prices in the zip code have increased significantly over the past few years and are now among the highest in Rockland County.

According to Zillow, the average home value in Tappan was $269,200 as of September 2017. This represents an increase of over 60% from the average home value of $146,600 recorded in March 2016. The majority of this increase can be attributed to strong demand for homes in Tappan from both buyers and sellers. In addition to strong demand, factors that have contributed to increased home values include low interest rates and limited inventory availability.

Given these factors, it is not surprising that homeownership rates in Tappan are among the highest in Rockland County. As of September 2017, 78% of households living in Tappan were owner-occupied compared to a countywide average of 69%. Additionally, according to Zillow’s Home Value Index®, which measures changes over time in home values across different ZIP codes nationwide, Tappan ranks #1 out of all ZIP codes within Rockland County when it comes to appreciation (i.e., increases over time). This high level of homeownership and appreciation has led to significant equity gains for homeowners residing in Tappan – on average their homes are worth more than they were when they purchased them!

While there are many benefits associated with owning a home – such as stability and security – one important consideration is always financial stability. For many people living in Tappan today, their homes represent a substantial portion (upwards of 30%)of their total net worth! This means that if housing prices decline or interest rates rise significantly (as they have done recently), homeowners could find themselves facing significant financial challenges. In light of this potential risk/reward scenario, it is important for residents living in Tappan to carefully consider their long-term financial goals before making any decisions about buying or selling a home.