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Lynbrook: Rising Home Values and Stable Ownership in a Compact New York Community
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
Lynbrook, located in Nassau County, New York, is a vibrant community with a rich history dating back to the late 19th century. Known for its excellent schools and proximity to New York City, Lynbrook has maintained a stable homeownership rate while experiencing significant growth in both average home prices and average rent prices over the past decade.
The homeownership rate in Lynbrook has remained relatively steady, fluctuating between 70% and 75% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $366,754, which increased to $615,238 by 2022, representing a substantial 67.8% growth over nine years. This trend suggests a strong correlation between rising property values and sustained homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), Lynbrook's homeownership rate remained stable at around 73-74%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 72% in 2017. However, the community quickly rebounded, with homeownership reaching 75% by 2021 when interest rates dropped to 0.08%, demonstrating the influence of favorable financing conditions on homeownership.
Renter percentages in Lynbrook have inversely mirrored homeownership rates, ranging from 25% to 29% between 2013 and 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $1,734, which rose to $2,073 in 2018, representing a 19.6% increase. However, there was a slight decline to $1,823 by 2022. These variations in rent prices may be attributed to changes in housing supply, local economic conditions, and shifts in the rental market demand.
In 2023 and 2024, Lynbrook continued to see growth in average home prices. The average home price reached $631,945 in 2023 and further increased to $663,217 in 2024, marking a 5% year-over-year growth. This upward trend occurred despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand and a resilient housing market in Lynbrook.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Lynbrook to continue their upward trajectory over the next five years. Projecting the observed growth rate, average home prices could potentially reach around $750,000 to $800,000 by 2029. Average rent prices, while more volatile, may also see a moderate increase, potentially reaching $2,100 to $2,300 per month in the same timeframe, assuming continued population growth and economic stability in the region.
In summary, Lynbrook has demonstrated a robust and stable housing market characterized by consistent homeownership rates and steadily increasing property values. The community has shown resilience in the face of fluctuating interest rates, with homeownership remaining attractive even during periods of higher borrowing costs. The projected continued growth in both average home prices and rent prices suggests that Lynbrook will likely maintain its appeal as a desirable residential area in the coming years.
