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Brookhaven: Rising Home Values Amidst Declining Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brookhaven, located in New York, is a charming community with a population of 3,541 as of 2022. This suburban enclave has experienced fluctuating homeownership rates and housing costs over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Brookhaven has shown notable variations between 2013 and 2022. In 2013, the ownership rate stood at 80%, remaining stable through 2014. However, it experienced a significant decline to 69% by 2019, before rebounding to 82% in 2022. This overall trend suggests a resilient housing market, despite temporary setbacks.
While specific average home prices for earlier years are not available, we can observe that the average home price in Brookhaven reached $637,595 in 2023. This figure provides insight into the local real estate market's current state and its potential attractiveness to homebuyers.
The relationship between federal interest rates and homeownership rates in Brookhaven follows a generally inverse pattern. For instance, as interest rates dropped from 2.16% in 2019 to 0.38% in 2020, we saw an increase in homeownership from 69% to 77%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Rental trends in Brookhaven have shown interesting patterns. The percentage of renters increased from 20% in 2013 to a peak of 31% in 2019, before decreasing to 18% in 2022. Average rent prices have fluctuated over this period, rising from $1,609 in 2013 to a high of $1,860 in 2019, before decreasing to $1,456 in 2022. These changes in rental rates and occupancy may be influenced by factors such as local economic conditions and housing supply.
Looking at the most recent data, the average home price in Brookhaven was $637,595 in 2023 and increased to $643,308 in 2024, indicating a modest growth of about 0.9% year-over-year. This growth occurred despite the federal interest rate rising from 5.02% in 2023 to 5.33% in 2024, suggesting a robust local housing market that can withstand higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate a continued moderate increase in average home prices in Brookhaven. Assuming the current economic conditions and local market factors remain relatively stable, we could expect average home prices to reach approximately $670,000 to $680,000 by 2029. For average rent prices, the forecast suggests a potential increase to around $1,600 to $1,650 per month over the same period, accounting for historical fluctuations and current market pressures.
In summary, Brookhaven has demonstrated resilience in its housing market, with homeownership rates recovering strongly in recent years despite fluctuations. The community has seen a general upward trend in both home values and rental rates, albeit with some volatility. The recent increase in average home prices, even in the face of rising interest rates, indicates a strong local real estate market. As we look to the future, moderate growth in both home prices and rental rates is anticipated, reflecting the ongoing desirability of this New York community.
