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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Aquebogue, a charming community located in New York, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in this evolving real estate landscape. From 2013 to 2022, Aquebogue saw a significant increase in homeownership rates, rising from 67% to 84%. This upward trend coincided with a substantial rise in average home prices. In 2016, the average home price was $401,754, which steadily climbed to $657,169 by 2022, representing a 63.6% increase over six years. This parallel growth suggests a strong correlation between rising property values and increased homeownership in the area.
The relationship between federal interest rates and homeownership rates in Aquebogue presents an interesting dynamic. Despite fluctuations in interest rates, homeownership continued to rise. For instance, when interest rates increased from 1% in 2017 to 1.83% in 2018, homeownership remained stable at 74%. Even as rates climbed to 2.16% in 2019, homeownership increased to 76%. This trend suggests that local factors may have a more significant influence on homeownership than national interest rates in this particular market.
Conversely, the percentage of renters in Aquebogue decreased from 33% in 2013 to 16% in 2022. Despite this decline, average rent prices saw a substantial increase. In 2013, the average rent was $1,124, which remained stable until 2017. However, from 2018 onwards, there was a sharp rise in average rent prices, reaching $1,801 by 2022. This 60.2% increase in average rent over four years, coupled with a decreasing renter population, suggests a tightening rental market with potentially limited supply driving up prices.
Looking at the most recent data, the average home price in Aquebogue continued its upward trajectory, reaching $687,027 in 2023 and $729,866 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 6.2% increase from 2023 to 2024. Simultaneously, interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Aquebogue will continue to rise, potentially reaching around $850,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,200 per month within the same timeframe. However, the rate of increase may moderate compared to the sharp rises seen in recent years.
In summary, Aquebogue has experienced a significant shift towards homeownership, with a concurrent rise in both average home prices and average rent prices. The resilience of the homeownership trend in the face of rising interest rates suggests a strong local housing market. The substantial increases in both home values and rent prices indicate a growing demand for housing in this area, which is likely to continue in the coming years.