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Average Home Values and Ownership in Zip Code 11510: Baldwin's Resilient Housing Market
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
Baldwin, located in zip code 11510 in New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This suburban community, known for its proximity to New York City and diverse population, has seen a steady increase in homeownership and average home prices, while rental rates have declined.
The homeownership rate in Baldwin has shown a consistent upward trend, rising from 82% in 2013 to 89% in 2022. This increase in homeownership coincides with a substantial growth in average home prices. In 2013, the average home price was $341,213, which steadily increased to $598,884 by 2022, representing a 75.5% increase over nine years. This correlation suggests that as property values appreciated, more residents were motivated to invest in homeownership, possibly viewing it as a sound financial decision.
Federal interest rates have played a significant role in shaping homeownership trends in Baldwin. From 2013 to 2016, interest rates remained extremely low, ranging from 0.11% to 0.40%. During this period, homeownership increased from 82% to 84%, likely due to more affordable financing options. As interest rates began to rise from 2017 to 2019, reaching 2.16%, homeownership continued to grow, reaching 88% in 2019. This trend suggests that other factors, such as a strong local economy or the desire for stability, may have outweighed the impact of rising interest rates on homeownership decisions.
While homeownership rates increased, the percentage of renters in Baldwin decreased from 16% in 2013 to 11% in 2022. Interestingly, despite the declining renter population, average rent prices have shown an upward trend. The average rent price increased from $1,750 in 2013 to $2,016 in 2022, a 15.2% increase. This trend could be attributed to the overall increase in property values and the limited supply of rental properties in the area.
In 2023, the average home price in Baldwin reached $609,580, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $638,485, while interest rates have slightly risen to 5.33%. These figures indicate a continued upward trajectory in home values, despite higher interest rates which typically slow down housing market growth.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the limited rental inventory and overall property value appreciation in the area.
In summary, Baldwin has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The community has demonstrated resilience in its housing market, with property values and homeownership rates rising even in the face of increasing interest rates. The rental market, while shrinking, has seen steady increases in average rent prices. These trends paint a picture of a desirable suburban community with a strong housing market and increasing property values.
