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Glen Head: Rising Home Values and Stable Ownership in a Resilient New York 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
Glen Head, located in New York, is a vibrant community with a population of 4,801 as of 2022. This charming suburb has experienced fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Glen Head has remained relatively stable, ranging from 84% to 90% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $764,532, which steadily increased to $1,071,642 by 2022, representing a substantial 40% growth over nine years. This trend suggests a strong correlation between rising property values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Glen Head. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Glen Head remained high, ranging from 85% to 88%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates remained resilient, even increasing to 90% in 2022. This suggests that other factors, such as the desirability of the area and local economic conditions, may have offset the potential negative impact of rising interest rates on homeownership.
Renter percentages in Glen Head have fluctuated between 10% and 16% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $1,750, which increased to $2,444 by 2017, representing a significant 40% jump in just four years. However, rent prices moderated slightly in subsequent years, reaching $2,150 by 2022. This trend in rent prices appears to be influenced by factors such as housing supply, local economic conditions, and population changes.
Looking at more recent data, the average home price in Glen Head continued its upward trajectory, reaching $1,112,844 in 2023 and further increasing to $1,169,271 in 2024. This represents a 9.1% increase from 2022 to 2024, indicating a robust and growing housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Glen Head will continue to rise, potentially reaching around $1,400,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's sustained desirability. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $2,500 by 2029. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, Glen Head has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The community has shown resilience in maintaining high homeownership levels despite fluctuations in federal interest rates. The rental market, while smaller, has also seen growth in average rents over time. As the area continues to attract residents, it is likely to see further appreciation in both home values and rental prices, cementing its position as a desirable suburban community in New York.
