Loading Content...
Rising Home Values in Massapequa Park: A Suburban Haven of Homeownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Massapequa Park, located in New York, is a predominantly owner-occupied community with a population of 17,045 as of 2022. This suburban village, situated in Nassau County on Long Island, has maintained a consistently high rate of homeownership over the past decade, reflecting its stable and established residential character.
The homeownership rate in Massapequa Park has remained remarkably steady, hovering around 97-98% from 2013 to 2022. This high rate of owner-occupied housing has persisted despite significant changes in average home prices. In 2013, the average home price was $421,171, which steadily increased to $646,772 by 2022, representing a substantial 53.6% increase over this period. Notably, the most significant annual increase occurred between 2020 and 2021, when average home prices jumped from $561,946 to $606,563, a 7.9% rise in a single year.
The relationship between federal interest rates and homeownership rates in Massapequa Park appears to have had minimal impact on the overall ownership trends. Despite fluctuations in interest rates, from a low of 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained consistently high at 98%. This suggests that other factors, such as the village's established community character and desirability, may play a more significant role in maintaining high ownership rates than interest rate fluctuations.
The rental market in Massapequa Park is notably small, with renter-occupied units accounting for only 2-3% of housing throughout the observed period. Average rent prices have shown some volatility, increasing from $1,750 in 2013 to $2,350 in 2017, before moderating to $2,272 in 2022. Despite these fluctuations, the low percentage of renters has remained stable, indicating limited impact on the overall housing market composition of the village.
Looking at the most recent data, average home prices in Massapequa Park continued to rise, reaching $663,588 in 2023 and $698,058 in 2024. This represents a 2.6% increase from 2022 to 2023 and a further 5.2% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022.
Applying predictive models to forecast 5-year trends, average home prices in Massapequa Park are expected to continue their upward trajectory, albeit potentially at a more moderate pace. Given the historical trend and recent data, average home prices could potentially reach the $750,000 to $800,000 range by 2029. Average rent prices, while more volatile, may also see a gradual increase, potentially reaching around $2,500 to $2,700 per month in the same timeframe.
In summary, Massapequa Park demonstrates a remarkably stable housing market characterized by exceptionally high homeownership rates. Despite significant increases in average home prices and fluctuations in interest rates, the community has maintained its strong owner-occupied status. The limited rental market has shown some price volatility but remains a small fraction of the overall housing landscape. As the village moves forward, it is likely to continue its trend of rising property values while maintaining its character as a predominantly owner-occupied suburban community.
