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Average Home Values and Ownership in Zip Code 11714: Bethpage's Historical Aircraft Hub
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 11714, located in Bethpage, New York, has experienced significant shifts in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its rich aviation history as the former home of the Grumman Aircraft Engineering Corporation, has maintained a consistently high rate of homeownership while seeing substantial changes in property values and rental costs. The homeownership rate in zip code 11714 has remained remarkably stable, ranging from 88% to 93% between 2013 and 2022. Despite this stability, average home prices have shown a steady upward trend. In 2010, the average home price was $387,042, which increased to $617,346 by 2022, representing a substantial 59.5% growth over 12 years. This trend suggests a strong correlation between rising property values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low rates coincided with the area's high homeownership rates, as favorable financing conditions made purchasing homes more accessible. For instance, in 2020, when the federal interest rate was 0.38%, the homeownership rate stood at a robust 90%.
Renter percentages in zip code 11714 have remained relatively low, fluctuating between 7% and 10% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,325, which increased dramatically to $2,257 by 2017, representing a 70.3% increase in just four years. However, rent prices stabilized somewhat thereafter, reaching $2,095 in 2022. This trend in rent prices, coupled with the low renter percentage, suggests a competitive rental market within a predominantly owner-occupied area.
As of 2024, the average home price in zip code 11714 has risen to $679,712, marking a 10.1% increase from the 2022 figure of $617,346. This continued appreciation in home values is occurring despite a significant increase in federal interest rates, which stood at 5.33% in 2024, up from 1.68% in 2022. This suggests a robust demand for housing in the area, potentially driven by factors such as local economic strength or limited housing supply.
Looking ahead, predictive models suggest that average home prices in zip code 11714 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by the area's low vacancy rates and the high cost of homeownership, which may push more residents towards renting.
In summary, zip code 11714 in Bethpage, New York, demonstrates a strong and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to economic fluctuations, maintaining its appeal to homeowners even in the face of rising prices and interest rates. The rental market, while smaller, has seen significant price increases, reflecting the overall desirability of the area. As we move forward, the interplay between homeownership rates, property values, and rental prices will continue to shape the housing landscape in this dynamic New York community.
