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Average Home Values Soar in Zip Code 11735: East Farmingdale'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
East Farmingdale, located in zip code 11735 in New York, presents an intriguing real estate landscape. This area has maintained a consistently high rate of homeownership over the past decade, with a slight increase in recent years. Average home prices have shown a steady upward trend, while average rent prices have also risen, albeit at a more moderate pace.
The ownership percentage in East Farmingdale has remained remarkably stable, hovering around 80% from 2013 to 2022. In 2022, the homeownership rate slightly increased to 81%. During this period, average home prices in the area have experienced significant growth. In 2013, the average home price was $364,189, and by 2022, it had risen to $593,020, representing a substantial increase of 62.8% over nine years. This trend suggests a strong correlation between the stable homeownership rates and the rising property values in the area.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate in East Farmingdale remained steady at 80%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate still held firm, indicating the area's resilience to moderate interest rate increases. The slight increase in homeownership to 81% in 2022, despite a higher interest rate of 1.68%, further underscores this resilience.
Renter percentages in East Farmingdale have remained relatively stable, ranging from 17% to 20% between 2013 and 2022. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,757, and by 2022, it had increased to $1,972, representing a 12.2% rise over nine years. This growth in rent prices, while significant, has been less dramatic than the increase in home prices. The stability in renter percentages, coupled with the moderate rise in rent prices, suggests a balanced rental market in the area.
Looking at the most recent data, the average home price in East Farmingdale reached $601,062 in 2023 and further increased to $630,046 in 2024. This represents a substantial 6.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in East Farmingdale will continue to rise, albeit potentially at a more moderate pace due to the current high interest rates. By 2029, average home prices could reach approximately $750,000 to $800,000, assuming a continued but slower growth rate. Average rent prices are also expected to increase, potentially reaching around $2,300 to $2,500 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, East Farmingdale (11735) demonstrates a robust and stable real estate market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have risen. The rental market, while smaller, has also seen consistent growth in prices. These trends, combined with the recent acceleration in home prices and the current high interest rate environment, suggest a dynamic and evolving real estate landscape in East Farmingdale for the coming years.
