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Average Home Values and Ownership in Zip Code 11727: Coram'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
Coram, located in zip code 11727 in New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban community has shown resilience and growth in its real estate market, with interesting trends in both ownership and rental sectors.
The homeownership rate in Coram has seen a gradual increase over the years, rising from 62% in 2015 to 66% in 2022. This upward trend in homeownership coincides with a significant appreciation in average home prices. In 2015, the average home price in the area was $252,035, which has steadily climbed to reach $425,345 by 2022, representing a substantial 68.8% increase over seven years. This correlation suggests that despite rising prices, more residents are choosing to invest in homeownership.
The relationship between federal interest rates and homeownership rates in Coram demonstrates an interesting dynamic. As interest rates remained historically low between 2015 and 2021, ranging from 0.13% to 0.08%, homeownership rates increased from 62% to 66%. This trend aligns with the general principle that lower interest rates make mortgages more affordable, encouraging homeownership. However, it's worth noting that even as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate in Coram held steady at 66%, indicating a strong local desire for homeownership despite increasing borrowing costs.
Renter percentages in Coram have remained relatively stable, fluctuating between 33% and 36% from 2013 to 2022. Interestingly, average rent prices have shown a more volatile trajectory. In 2013, the average rent was $1,751, which increased to $1,971 by 2019, representing a 12.6% rise. However, there was a notable spike in 2021, with average rent reaching $2,092, before dropping to $1,793 in 2022. This fluctuation in rent prices, particularly the sharp increase in 2021, could be attributed to various factors including changes in housing demand, local economic conditions, or shifts in the rental market due to the global pandemic.
As we look at the most recent data for 2023 and 2024, we see that the average home prices in Coram have continued their upward trajectory. In 2023, the average home price reached $450,999, and by 2024, it further increased to $490,772. This represents a significant 15.4% increase from 2022 to 2024. Concurrently, federal interest rates have also risen dramatically, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that the average home prices in Coram are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices may also see gradual increases, reflecting the overall appreciation of the local real estate market and potential shifts in housing demand.
In summary, Coram has demonstrated a robust housing market with increasing homeownership rates and substantial appreciation in average home prices. The area has shown resilience in maintaining high homeownership levels even as interest rates have risen. The rental market, while experiencing some fluctuations, has remained a significant component of the local housing landscape. As we move forward, the interplay between rising home prices, higher interest rates, and local economic factors will likely shape the future of Coram's real estate market.
