Loading Content...
Rising Home Values and Ownership Trends in Zip Code 11530: Garden City's Evolving 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
Zip code 11530, located in Garden City, New York, presents an intriguing case study of homeownership trends and real estate market dynamics. This affluent suburb has maintained consistently high homeownership rates over the past decade, with average home prices showing a steady upward trajectory. The rental market, while smaller, has also experienced significant changes in both occupancy rates and average rent prices.
The homeownership rate in zip code 11530 has remained remarkably stable, hovering around 90% throughout the observed period. In 2013, the homeownership rate stood at 92%, and by 2022, it had only slightly decreased to 89%. This high rate of homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $726,790, and by 2022, it had risen to $1,052,929, representing a 44.9% increase over 12 years. This trend suggests that despite rising prices, Garden City has maintained its appeal to homeowners, possibly due to its desirable location and amenities.
The relationship between federal interest rates and homeownership rates in this zip code appears to be less pronounced than in many other areas. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively constant. This stability might indicate that other factors, such as the area's desirability and the financial stability of its residents, play a more significant role in homeownership decisions in this particular market.
The rental market in zip code 11530, while smaller, has shown some interesting trends. The percentage of renters increased from 7% in 2013 to 11% in 2022, indicating a gradual shift towards more rental properties. Concurrently, average rent prices have seen significant growth. In 2013, the average rent was $2,092, and by 2022, it had increased to $2,791, representing a 33.4% rise over nine years. This increase in both rental occupancy and prices could be attributed to factors such as changing demographics, increased demand for rental properties, or the development of new, high-end rental units in the area.
Looking at the most recent data, the average home price in zip code 11530 continued its upward trend, reaching $1,078,413 in 2023 and $1,130,530 in 2024. This represents a 7.4% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, increasing from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, home prices in the area have continued to appreciate, suggesting strong underlying demand and resilience in this local market.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in zip code 11530. Based on historical data and current market conditions, average home prices could potentially reach around $1,300,000 by 2029, representing a 15% increase from 2024 levels. Average rent prices may similarly trend upward, potentially reaching approximately $3,300 per month by 2029, a 18% increase from 2022 figures.
In summary, zip code 11530 in Garden City demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The rental market, while smaller, shows signs of growth in both occupancy and prices. Despite rising interest rates, the area's real estate market has shown resilience, with home prices continuing to appreciate. These trends suggest that Garden City remains an attractive location for both homeowners and investors, with potential for further growth in property values and rental rates in the coming years.
