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Average Home Values and Ownership in Zip Code 11784: A Decade of Resilient Growth
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 11784, located in Selden, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a high rate of owner-occupied housing, with a slight increase from 79% in 2014 to 83% in 2022, indicating a strong preference for homeownership among residents.
The relationship between homeownership rates and average home prices in zip code 11784 shows a positive correlation. As the percentage of owner-occupied homes increased from 79% in 2014 to 83% in 2022, average home prices also rose significantly. In 2014, the average home price was $265,929, and by 2022, it had climbed to $462,297, representing a 73.8% increase over eight years. This substantial rise in home values likely contributed to the area's appeal for homeowners and investors alike.
Federal interest rates have played a role in shaping homeownership trends in zip code 11784. The period from 2014 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely supported the high homeownership rates observed during this time, as they made mortgage financing more affordable. The slight dip in homeownership from 81% in 2013 to 79% in 2014 coincided with a minor increase in interest rates from 0.11% to 0.13%, demonstrating the sensitivity of the housing market to even small changes in borrowing costs.
Renter percentages in zip code 11784 have remained relatively stable, fluctuating between 17% and 19% from 2013 to 2022. However, average rent prices have shown a more volatile trend. In 2013, the average rent was $1,521, which increased to $1,758 in 2020, representing a 15.6% rise. Interestingly, despite a slight decrease in the renter population percentage from 19% in 2018 to 17% in 2022, average rent prices continued to climb, reaching $1,751 in 2022. This suggests that factors beyond simple supply and demand, such as overall housing market conditions and local economic factors, influenced rent prices in the area.
Looking at the most recent data, average home prices in zip code 11784 continued their upward trajectory, reaching $479,441 in 2023 and $513,700 in 2024. This represents a 3.7% increase from 2022 to 2023 and a further 7.1% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates seen in previous years. Despite these higher interest rates, which typically make borrowing more expensive, home prices in the area have continued to appreciate, suggesting strong underlying demand for housing in this zip code.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11784 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current market conditions, we project average home prices could reach approximately $600,000 by 2029. For rent prices, the forecast suggests a continued upward trend, with average rents potentially reaching around $2,200 per month in the next five years, assuming consistent economic growth and housing demand in the area.
In summary, zip code 11784 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in the face of changing economic conditions, with home prices continuing to rise even as interest rates have increased. The stability in homeownership rates, combined with rising home and rent prices, suggests a strong and desirable local real estate market that is likely to remain attractive to both homeowners and investors in the coming years.
