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Average Home Values and Ownership in Zip Code 11741: Holbrook'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
Holbrook, located in zip code 11741 in New York, is a suburban community that has experienced fluctuating homeownership rates and property values over the past decade. This analysis will explore the trends in homeownership, average home prices, and average rent prices in the area. The homeownership rate in Holbrook has remained relatively stable, with a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 78%, and by 2022, it had decreased marginally to 77%. During this period, average home prices in the area experienced significant growth. In 2013, the average home price was $327,966, and by 2022, it had risen to $530,449, representing a substantial increase of 61.7% over nine years.
The relationship between federal interest rates and homeownership rates in Holbrook shows some correlation. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), the homeownership rate increased slightly from 78% to 80%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate gradually declined to 77%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Holbrook have shown a gradual increase from 2013 to 2022, rising from 21% to 23%. Concurrently, average rent prices have also increased, though not as dramatically as home prices. In 2013, the average rent was $1,757, and by 2022, it had risen to $1,899, representing a 8.1% increase over nine years. The population of Holbrook has remained relatively stable during this period, with 26,956 residents in 2013 and 26,943 in 2022, suggesting that changes in rental demand are not primarily driven by population growth.
In 2023 and 2024, the housing market in Holbrook continued to evolve. The average home price in 2023 was $545,265, showing a 2.8% increase from 2022. In 2024, the average home price further increased to $588,456, representing a significant 7.9% jump from the previous year. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in Holbrook may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, driven by the overall upward trend in housing costs and the slight increase in the renter population.
In summary, Holbrook has experienced a slight decrease in homeownership rates alongside substantial growth in average home prices from 2013 to 2022. The rental market has seen a modest increase in both the percentage of renters and average rent prices. Recent data from 2023 and 2024 indicates continued growth in home values, even in the face of rising interest rates. These trends suggest a dynamic and evolving housing market in zip code 11741, with potential for further price appreciation in both the ownership and rental sectors in the coming years.
