Loading Content...
Rising Home Values and Changing Ownership in Zip Code 11569: Lido Beach's Coastal Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lido Beach, situated in zip code 11569 in New York, is a coastal community renowned for its picturesque beaches and proximity to Long Island's south shore. This area has witnessed notable fluctuations in homeownership rates and housing prices over the past decade. The overall trend indicates a slight decrease in homeownership, while average home prices and average rent prices have generally increased.
The relationship between homeownership percentage and average home prices in Lido Beach reveals intriguing patterns. In 2013, the homeownership rate stood at 69%, with average home prices at $671,181. As average home prices steadily increased, reaching $812,815 in 2019, the homeownership rate also rose to 81%. However, this trend did not persist uniformly. By 2022, despite average home prices climbing to $1,063,267, the homeownership rate slightly decreased to 79%. This suggests that while rising home values may have initially encouraged homeownership, the continued price increases may have made it more challenging for some residents to enter the housing market.
Federal interest rates have influenced homeownership trends in Lido Beach. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates increased from 69% to 80%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, homeownership rates showed some fluctuation, settling at 79% in 2022 when the federal interest rate was 1.68%.
Renter percentages and average rent prices in Lido Beach have shown an inverse relationship to homeownership trends. In 2013, the renter-occupied percentage was 31%, with an average rent of $1,974. As the homeownership rate increased, the percentage of renters decreased to 19% by 2019, while average rent rose to $2,445. However, by 2022, the renter percentage slightly increased to 21%, with average rent reaching $3,474. This suggests that as average rent prices increased, some residents may have found it more challenging to transition to homeownership, leading to a slight uptick in the renter population.
In 2023 and 2024, Lido Beach has experienced continued growth in average home prices. The average home price in 2023 was $1,115,708, and it further increased to $1,163,090 in 2024. This represents a significant jump from the 2022 average of $1,063,267. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Lido Beach may continue to rise over the next five years, potentially reaching around $1.3 million by 2029. Average rent prices are also expected to increase, potentially surpassing $4,000 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Lido Beach has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. While homeownership rates have slightly decreased in recent years, average home prices and rent prices have shown significant increases. The impact of rising federal interest rates and the continued growth in housing costs will likely shape the future of homeownership and rental trends in this coastal community.
