Loading Content...
Rising Home Values and Shifting Ownership in Brooklyn's Zip Code 11210: A Decade of Real Estate Trends
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 11210, located in Brooklyn, New York, is a densely populated urban area covering just 1.73 square miles. This zip code has experienced fluctuating homeownership rates and steadily increasing average home and rent prices over the past decade.
The homeownership rate in zip code 11210 has shown a slight downward trend from 2013 to 2022. In 2013, the ownership rate was 43%, which decreased to 41% by 2022. During this same period, average home prices in the area increased significantly. In 2013, the average home price was $460,185, which rose to $841,118 by 2022, representing an impressive 82.8% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends in zip code 11210. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 42-44%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate decreased slightly to 41%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 11210 has shown a slight upward trend, increasing from 56% in 2013 to 59% in 2022. Concurrently, average rent prices have also risen steadily. In 2013, the average rent was $1,252, which increased to $1,520 by 2022, representing a 21.4% increase over nine years. The population in the zip code has remained relatively stable during this period, fluctuating between 69,964 and 75,574 residents. The increase in both renter percentage and average rent prices, despite a relatively stable population, suggests a growing demand for rental properties in the area.
In 2023 and 2024, average home prices in zip code 11210 showed a slight decline followed by a small increase. The average home price in 2023 was $835,994, a 0.61% decrease from 2022. However, in 2024, the average home price rose to $845,776, representing a 1.17% increase from 2023. Interestingly, federal interest rates continued to rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have influenced home buying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 11210 will continue to rise moderately over the next five years. Assuming a conservative annual growth rate of 2-3%, average home prices could reach approximately $950,000 to $980,000 by 2029. Similarly, average rent prices are likely to continue their upward trajectory. With an estimated annual increase of 3-4%, average rents could potentially reach $1,760 to $1,850 per month by 2029.
In summary, zip code 11210 has experienced a gradual shift towards a higher percentage of renters, accompanied by substantial increases in both average home prices and rent prices over the past decade. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends. As the area continues to evolve, it is likely to see further increases in property values and rental costs, potentially influencing the balance between homeowners and renters in the coming years.
