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Average Home Values and Ownership in Zip Code 11790: Stony Brook'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
Stony Brook, located in zip code 11790 in New York, is a vibrant community known for its prestigious university and scenic coastal views. Over the past decade, this area has experienced interesting shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Stony Brook has remained consistently high, fluctuating between 90% and 92% from 2013 to 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $418,738, and it rose consistently to reach $627,476 by 2022, representing a substantial 49.8% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices surged from $516,121 to $574,056, a 11.2% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in Stony Brook. The period from 2013 to 2022 was characterized by historically low interest rates, ranging from 0.09% to 1.68%. These low rates likely contributed to maintaining the high homeownership rates in the area by making mortgages more affordable. For instance, in 2020, when the federal interest rate dropped to 0.38%, the homeownership rate in Stony Brook reached 92%, one of its highest points in the decade.
The renter population in Stony Brook has remained relatively small, ranging from 7% to 10% between 2013 and 2022. Despite this small percentage, average rent prices have shown significant increases. In 2013, the average rent was $2,122, which increased to $2,446 by 2022, representing a 15.3% rise over the decade. Notably, there was a sharp increase in average rent from $2,135 in 2014 to $2,472 in 2015, a 15.8% jump in just one year. This trend suggests that even with a small renter population, demand for rental properties in the area remains strong.
In 2023 and 2024, Stony Brook continued to see growth in average home prices. The average home price reached $652,879 in 2023 and further increased to $683,449 in 2024, representing a 4% and 4.7% year-over-year increase respectively. This upward trend occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand and resilience in the housing market.
Looking ahead, predictive models suggest that average home prices in Stony Brook are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices could potentially reach $750,000 to $800,000 by 2029. Average rent prices are also expected to increase, potentially reaching $2,700 to $2,900 per month in the same timeframe, driven by the area's desirability and limited rental stock.
In summary, Stony Brook (11790) has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience in its housing market, with consistent growth in both home values and rent prices over the past decade. The interplay between federal interest rates, local demand, and the limited supply of rental properties has shaped these trends, creating a dynamic and valuable real estate market in this New York community.
