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Elmont: Rising Home Values and Stable Ownership in a Dynamic New York Real Estate 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
Elmont, located in New York, is a vibrant community with a rich history and diverse population. Known for hosting the Belmont Park racetrack, home of the Belmont Stakes, Elmont has experienced interesting shifts in homeownership and housing prices over the past decade. The homeownership rate in Elmont has remained relatively stable, with a slight upward trend from 78% in 2013 to 79% in 2022. During this period, average home prices have shown a consistent upward trajectory, increasing from $315,209 in 2013 to $603,261 in 2022, representing a significant 91.4% growth over nine years. As homeownership rates held steady, average home prices continued to climb. For instance, when homeownership peaked at 81% in 2015, the average home price was $358,754. By 2022, despite a slight dip in homeownership to 79%, the average home price had surged to $603,261, indicating that rising prices did not significantly impact ownership rates. This trend suggests a strong local housing market and sustained demand for homeownership in Elmont.
Federal interest rates have played a role in homeownership trends in Elmont. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates increased from 78% to 79%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at 79%, demonstrating the community's resilience to moderate interest rate increases.
The rental market in Elmont has shown interesting trends as well. The percentage of renters decreased slightly from 22% in 2013 to 21% in 2022. Despite this minor decline, average rent prices have increased significantly. In 2013, the average rent was $1,692, which rose to $1,852 by 2022, representing a 9.5% increase. This trend indicates a tightening rental market, with fewer available units commanding higher prices.
Looking at the most recent data, the average home price in Elmont reached $616,123 in 2023 and further increased to $648,228 in 2024. This represents a 5.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis. These higher interest rates may impact future homebuying activity and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Elmont will continue to rise, potentially reaching around $750,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a continued increase, potentially reaching approximately $2,200 per month by 2029, assuming the current growth rate persists.
In summary, Elmont has demonstrated a robust and stable housing market with consistently high homeownership rates despite rising home prices. The rental market, while smaller, has seen significant price increases. The community's ability to maintain high homeownership rates in the face of rising prices and fluctuating interest rates suggests a strong local economy and desirable living conditions. As we move forward, the interplay between rising home prices, increased interest rates, and housing affordability will be crucial factors shaping Elmont's real estate landscape.
