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Average Home Values and Ownership in Zip Code 11975: Wainscott's Coastal Real Estate Transformation
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
Wainscott, located in zip code 11975 in New York, is a small coastal community known for its beautiful beaches and luxurious properties. This area has experienced significant changes in homeownership rates and average home prices over the past decade, reflecting the dynamic nature of its real estate market.
The ownership percentage in Wainscott has shown a remarkable upward trend, increasing from 71% in 2013 to an impressive 96% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price in the area was $1,540,658, which steadily climbed to $2,767,327 by 2022, representing a 79.6% increase over nine years. This strong positive correlation between homeownership rates and average home prices suggests that as property values in Wainscott appreciated, more residents opted to invest in homeownership.
The relationship between federal interest rates and homeownership rates in Wainscott presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, this area saw its highest increase in ownership percentage during a period of rising interest rates. For instance, from 2016 to 2022, when federal interest rates increased from 0.4% to 1.68%, homeownership in the zip code rose from 77% to 96%. This suggests that other factors, such as the area's desirability and the potential for property value appreciation, may have played a more significant role in driving homeownership than interest rates alone.
The renter percentage in Wainscott has decreased significantly over the years, dropping from 28% in 2013 to just 3% in 2022. This decline in renters coincides with the area's population fluctuations, which peaked at 269 residents in 2015 and decreased to 211 by 2022. The sharp decline in renters, coupled with the increasing average home prices, suggests that Wainscott has become increasingly exclusive, with more properties being owned rather than rented.
Looking at the most recent data, the average home price in Wainscott for 2023 was $2,749,614, showing a slight decrease from 2022. In 2024, the average home price further decreased to $2,741,308. Interestingly, this slight downturn in home prices occurs as federal interest rates have risen to 5.33% in 2024, potentially impacting buying power and market dynamics.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Wainscott may experience modest growth or stabilization. The recent slight decrease in prices could indicate a market correction after years of substantial growth. However, given the area's desirability and high homeownership rates, prices are likely to remain robust. The rental market may continue to shrink, potentially leading to very limited rental options in the future.
In summary, Wainscott has transformed into a predominantly owner-occupied community with exceptionally high property values. The dramatic increase in homeownership, coupled with rising average home prices, has reshaped the local real estate landscape. Despite recent interest rate increases and a slight cooling in home prices, the area remains a highly sought-after location for homeowners, with renters becoming an increasingly small minority in this exclusive coastal enclave.
