The rental market in Bethpage has shown its own distinct trends. In 2013, the renter-occupied rate was 18% with an average rent of $799. As the renter percentage increased to 31% by 2017, average rent also rose to $879. However, from 2018 to 2022, there was a dramatic shift. While average rent prices continued to climb, peaking at $1,572 in 2021, the percentage of renters decreased substantially, dropping to just 7% by 2022. This could suggest a market where rising rents pushed more residents towards homeownership, especially when coupled with the increasing home prices.

Looking at the most recent data, average home prices in Bethpage slightly decreased from $291,344 in 2022 to $287,761 in 2023, before showing a small uptick to $288,593 in 2024. This stabilization comes alongside higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially cooling the rapid price growth seen in previous years.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Bethpage may continue to experience moderate growth, albeit at a slower pace than the rapid increases seen from 2020 to 2022. Average rent prices, which have shown volatility in recent years, are likely to stabilize and potentially increase gradually in line with overall housing market trends and local economic conditions.

In summary, Bethpage has demonstrated a complex and dynamic housing market over the past decade. The most striking discoveries include the recent surge in homeownership rates despite rising home prices, the inverse relationship between rental rates and average rent prices, and the market's responsiveness to changes in federal interest rates. These trends highlight the unique characteristics of Bethpage's housing market and its ability to adapt to changing economic conditions.