Loading Content...
Average Home Values and Ownership in Zip Code 11738: Farmingville's Robust Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Farmingville, located in zip code 11738 in New York, is a suburban community that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis explores the trends in ownership rates, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in Farmingville has remained relatively stable, fluctuating between 87% and 91% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $295,038, which steadily increased to $506,373 by 2022, representing a substantial 71.6% increase over nine 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 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership rates in Farmingville remained high, between 87% and 90%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but generally maintained a high level, demonstrating the area's resilience to moderate interest rate increases.
Renter percentages in Farmingville have remained relatively low, ranging from 9% to 12% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,950, which decreased to $1,462 by 2017, representing a 25% drop. However, rent prices rebounded, reaching $1,784 by 2022, a 22% increase from the 2017 low. This trend suggests that despite the fluctuations in rent prices, the rental market has remained a minor segment of the local housing landscape, possibly due to the strong preference for homeownership in the area.
Looking at more recent data, the average home price in Farmingville continued its upward trajectory, reaching $530,244 in 2023 and further increasing to $567,085 in 2024. This represents a 12% increase from 2022 to 2024, indicating a robust and growing housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Farmingville will continue to rise, potentially reaching around $650,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $2,100 by 2029. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, Farmingville (11738) has maintained high homeownership rates despite significant increases in average home prices. The area has shown resilience to rising interest rates, with property values continuing to appreciate. The rental market, while smaller, has experienced some fluctuations but generally follows an upward trend. The recent surge in home prices and interest rates suggests a dynamic real estate market that continues to favor homeownership, with potential implications for affordability and market accessibility in the coming years.
