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Average Home Values and Ownership in 11749: Islandia's Housing Market 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
Islandia, located in zip code 11749 in New York, has experienced notable shifts in homeownership rates and property values over the past decade. This analysis examines the trends in ownership versus rental occupancy and their relationship to average housing and rent prices in the area.
The ownership percentage in Islandia has shown a significant increase from 66% in 2013 to 78% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $252,862, which steadily increased to $465,057 by 2022, representing an impressive 84% growth over nine years.
The relationship between federal interest rates and homeownership rates in Islandia appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), the ownership percentage held steady at around 62-66%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the ownership percentage notably increased to 78%, suggesting that residents may have been motivated to purchase homes before rates climbed further.
Conversely, the renter percentage in Islandia has decreased from 34% in 2013 to 22% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,811 in 2013 to $1,995 in 2022, representing a 10% increase over the period. This rise in rent prices, despite a decreasing renter population, could be attributed to factors such as improved property values and overall economic conditions in the area.
In 2023 and 2024, the housing market in Islandia continued its upward trajectory. The average home price reached $485,715 in 2023 and further increased to $537,208 in 2024, marking a substantial 10.6% year-over-year growth. This surge occurred despite the federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach the $600,000 to $650,000 range by 2029, assuming a similar growth rate. Average rent prices might increase to around $2,200 to $2,400 per month in the same period, following the established trend.
In summary, Islandia has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite a decrease in the renter population, average rent prices have also risen, albeit at a slower pace. The resilience of the housing market, even in the face of rising interest rates, suggests a strong demand for properties in this zip code. These trends indicate a robust and potentially lucrative real estate market in Islandia for the foreseeable future.
