10996, West Point, NY

The 10996 zip code of West Point, NY is located in the Southern Tier region of New York. The population of this zip code was 9,898 as of the 2010 census. The median household income in this zip code was $60,948, which is significantly higher than the statewide median household income of $49,445. Home equity and home prices are both very high in the 10996 zip code. As of March 2016, the median home value in this zip code was $236,000 and the median home equity value was $154,700. These values are significantly higher than the statewide median home value of $183,500 and median home equity value of $130,000.

One reason why home equity and home prices are so high in the 10996 zip code is that there is a large number of wealthy residents living in this area. The percentage of households earning over $200,000 annually is significantly higher than the statewide percentage of households earning over $200,000 annually. Additionally, there are a large number of businesses located in this area that provide jobs to wealthy residents. This combination has led to a high demand for homes in this area and has driven up home values accordingly.

Another reason why home values are so high in the 10996 zip code is that there is a low supply of homes available for purchase. There are only 1% more homes available for sale than there were five years ago andinventory levels have not recovered since 2007 when they were at their peak levels. This lackof availability has driven up prices by forcing buyers to compete for limited housing optionsand by driving up demand due to strong demand from wealthy residents who want to buy a house ratherthan rent one.