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Average Home Values and Ownership in Zip Code 11560: A Tale of Steady Growth and Stability
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
Zip code 11560, located in Lattingtown, New York, is a suburban area that has experienced notable shifts in homeownership and housing prices over the past decade. This affluent community has seen a general trend of increasing average home prices and fluctuating homeownership rates, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 11560 has shown some variability, with a slight overall increase from 75% in 2015 to 81% in 2022. This trend coincides with a significant rise in average home prices, which grew from $772,938 in 2015 to $1,017,367 in 2022, representing a 31.6% increase over seven years. The relationship between homeownership and home prices appears to be complex, as the area maintained a high rate of owner-occupied housing despite the substantial price appreciation.
Federal interest rates have played a role in shaping homeownership trends in the area. For instance, the period from 2015 to 2022 saw interest rates remain relatively low, ranging from 0.13% to 1.68%. This low-interest environment likely contributed to sustaining the high homeownership rates in zip code 11560, as it made financing more accessible for potential buyers despite rising home prices.
Renter percentages in the area have fluctuated inversely to homeownership rates, decreasing from 25% in 2015 to 19% in 2022. Average rent prices have shown significant volatility during this period. In 2015, the average rent was $2,459, which increased to $2,728 in 2021 before slightly decreasing to $2,556 in 2022. This represents a modest 3.9% increase in average rent from 2015 to 2022, much lower than the growth rate of home prices during the same period.
Looking at the most recent data, the average home price in zip code 11560 for 2023 was $1,053,597, showing a continued upward trend. In 2024, the average home price further increased to $1,109,631, indicating sustained growth in the local real estate market. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11560 will continue to rise, potentially reaching around $1.3 million by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's desirability. Average rent prices are expected to follow a more moderate growth trajectory, potentially increasing to approximately $2,800 per month over the next five years, assuming continued demand for rental properties in the area.
In summary, zip code 11560 has demonstrated resilience in maintaining high homeownership rates despite significant increases in average home prices. The area has experienced substantial property value appreciation, with average home prices rising over 30% from 2015 to 2022. While rent prices have shown more modest growth, the overall trend suggests a strong and stable housing market in this New York suburban community. The recent uptick in interest rates may introduce new dynamics to the local real estate landscape, potentially affecting future homeownership rates and price trends.
