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Home Values and Ownership in Zip Code 11769: A Decade of Growth in Oakdale, New York
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
Oakdale, located in zip code 11769 in New York, is a community that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in Oakdale has shown slight fluctuations over the years, with a general trend towards a decrease in owner-occupied housing. In 2013, the area had an 86% homeownership rate, which remained stable until 2017. However, by 2022, this figure had decreased to 83%. Concurrently, average home prices in the area have shown a significant upward trend. In 2013, the average home price was $365,851, which steadily increased to $567,586 by 2022, representing a 55% increase over this period.
The relationship between federal interest rates and homeownership rates in Oakdale follows a generally expected pattern. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates stayed high at 86-87%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we see a corresponding decline in homeownership rates to 83%. This trend aligns with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
Renter percentages in Oakdale have shown an inverse relationship to homeownership rates, increasing from 14% in 2013 to 17% in 2022. This shift coincides with changes in average rent prices. In 2013, the average rent was $1,586, which increased to $1,752 by 2022, representing a 10.5% increase. It's worth noting that the population in Oakdale has remained relatively stable during this period, with only minor fluctuations, suggesting that the increase in renters is likely due to shifts in housing preferences or affordability rather than significant population changes.
Looking at more recent data, the average home price in Oakdale continued its upward trajectory, reaching $581,091 in 2023 and $629,129 in 2024. This represents a substantial increase of 10.8% from 2022 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, potentially driven by factors beyond just financing costs.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Oakdale. Based on the historical data and current market conditions, average home prices could potentially reach around $750,000 by 2029. Similarly, average rent prices might increase to approximately $2,000 per month over the same period. However, these projections are subject to various economic factors and market conditions.
In summary, Oakdale has experienced a gradual shift towards more renter-occupied housing, coupled with significant increases in both average home prices and rent prices. The area has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. These trends suggest a strong demand for housing in the area, potentially driven by its desirable location or local economic factors. As the community moves forward, it will be crucial to monitor how these trends impact housing affordability and community dynamics in zip code 11769.
