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Jericho (11753): Rising Home Values and Stable Ownership in a Resilient Suburban 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
Zip code 11753, representing Jericho in New York, exhibits a dynamic real estate market with notable trends in homeownership and property values. This affluent suburban area has maintained a consistently high rate of owner-occupied housing, reflecting its desirable location and stable community.
From 2013 to 2022, Jericho experienced slight fluctuations in homeownership rates, ranging from 84% to 87%. The average home prices in the area have shown a steady upward trend during this period. In 2013, the average home price was $688,027, which increased to $1,014,322 by 2022, representing a significant 47.4% growth over nine years. This substantial appreciation in property values aligns with the area's high homeownership rates, suggesting a strong correlation between property investment and resident commitment to the community.
The relationship between federal interest rates and homeownership rates in Jericho presents an interesting case. Despite the historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable, only varying by 3 percentage points. This stability suggests that other factors, such as the area's desirability and economic conditions, may have a more significant influence on homeownership in this zip code than interest rates alone.
Renter percentages in Jericho have remained relatively low, fluctuating between 13% and 16% from 2013 to 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,972, which peaked at $3,017 in 2015, an increase of 53%. However, rent prices then experienced a decline, reaching $2,519 in 2018, before rising again to $2,883 in 2022. This fluctuation in rent prices, coupled with the area's growing population (from 11,953 in 2013 to 12,803 in 2022), suggests a complex rental market influenced by factors beyond simple supply and demand.
Looking at more recent data, the average home price in Jericho continued its upward trajectory, reaching $1,060,626 in 2023 and further increasing to $1,136,125 in 2024. This represents a 12% increase from 2022 to 2024, indicating a robust and appreciating housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Jericho will continue to appreciate, potentially reaching around $1.3 million by 2029. This projection is based on the historical growth rate and assumes continued demand for housing in this desirable area. For rent prices, we expect a more moderate increase, potentially reaching an average of $3,300 to $3,500 per month by 2029, accounting for historical fluctuations and the area's rental market dynamics.
In summary, Jericho (zip code 11753) demonstrates a robust housing market characterized by high homeownership rates and steadily appreciating property values. The area has shown resilience to interest rate fluctuations, maintaining stable ownership levels despite varying economic conditions. The rental market, while smaller, shows more volatility in pricing. As we look to the future, the continued rise in home values and potential stabilization of rent prices suggest that Jericho will likely remain an attractive area for both homeowners and investors in the coming years.
