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Home Values and Ownership in Middle Island Zip Code 11953: A Decade of Significant Changes
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
Middle Island, located in zip code 11953 in New York State, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in this suburban community. The area has seen a gradual decrease in homeownership, coupled with fluctuations in average home prices and average rent costs.
From 2013 to 2022, Middle Island witnessed a decline in homeownership rates, dropping from 76% to 71%. During this same period, average home prices in the area showed a significant upward trend. In 2013, the average home price was $207,355, which steadily increased to $388,587 by 2022, representing an 87% increase over nine years. This inverse relationship suggests that rising home prices may have contributed to the decrease in homeownership rates, as fewer residents could afford to purchase homes.
Federal interest rates have played a crucial role in shaping homeownership trends in Middle Island. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 75-76%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 71%. This trend aligns with the general principle that lower interest rates encourage homeownership due to more affordable financing options.
Renter percentages in Middle Island increased from 24% in 2013 to 29% in 2022, mirroring the decline in homeownership. Average rent prices also showed an upward trend during this period, rising from $1,732 in 2013 to $1,800 in 2022, an increase of about 4%. The population of Middle Island grew from 12,546 in 2013 to 13,884 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023 and 2024, Middle Island experienced a continued surge in average home prices. The average home price reached $413,174 in 2023 and further increased to $447,977 in 2024, representing a 15% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Middle Island will continue to rise, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,000 per month within the next five years. These projections are based on historical trends and current market conditions.
In conclusion, Middle Island (zip code 11953) has experienced a gradual shift towards renting, with homeownership rates declining as average home prices have significantly increased. The interplay between federal interest rates, population growth, and housing affordability has shaped these trends. Looking forward, the area is likely to see continued growth in both average home prices and average rent costs, potentially further impacting the balance between homeowners and renters in this New York community.
