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Port Washington (11050): Rising Home Values and Stable Ownership in a Resilient 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
Port Washington, zip code 11050, is a community in New York that has experienced notable trends in homeownership rates and property values over the past decade. The area has maintained stable ownership percentages while average home prices have shown a significant upward trend. Average rent prices have also increased, albeit with some variations.
Homeownership rates in Port Washington have fluctuated slightly but remained generally stable between 2013 and 2022. In 2013, the homeownership rate was 69%, and it reached its lowest point of 64% in 2017 before returning to 69% in 2022. During this same period, average home prices experienced a substantial increase. In 2013, the average home price was $800,250, and by 2022, it had risen to $1,100,134, representing a 37.5% increase over nine years. This trend suggests that despite rising home prices, residents of Port Washington have maintained a consistent level of homeownership.
The relationship between federal interest rates and homeownership rates in Port Washington shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 67% in 2019 to 69% in 2020 and remained stable through 2022. This aligns with the general trend that lower interest rates can encourage homeownership due to more affordable financing options.
Renter percentages in Port Washington have shown minor fluctuations, mirroring the changes in homeownership rates. The percentage of renters increased from 31% in 2013 to a peak of 35% in 2017 and 2018, before returning to 31% in 2022. Average rent prices have generally increased over this period, rising from $1,894 in 2013 to $2,313 in 2022, a 22% increase. However, there were some fluctuations, with the highest average rent of $2,394 recorded in 2021. The population of Port Washington has grown from 30,777 in 2013 to 31,931 in 2022, which may have contributed to the overall increase in rental demand and prices.
In 2023 and 2024, average home prices in Port Washington continued to rise. The average home price reached $1,114,305 in 2023 and further increased to $1,172,257 in 2024, representing a 5.2% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Port Washington will continue to increase over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to continue their upward trajectory, driven by population growth and housing demand in the area.
In summary, Port Washington has demonstrated resilience in homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, homeownership, and rental markets has shaped the local real estate landscape. As we move forward, the area is poised for continued growth in both home values and rental prices, reflecting its desirability as a residential location.
