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Rising Home Values in Zip Code 11793: Wantagh's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wantagh, located in zip code 11793 in New York, is a suburban community known for its proximity to Jones Beach State Park. This area has experienced notable shifts in homeownership rates and property values over the past decade, with a generally high rate of owner-occupied housing and steadily increasing average home prices. The ownership percentage in Wantagh has remained consistently high, fluctuating between 93% and 96% from 2013 to 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $414,442, which steadily increased to $649,583 by 2022, representing a substantial 56.7% growth over nine years. This trend suggests a strong correlation between the stable, high homeownership rates and the rising property values in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Wantagh. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 94-95%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 93% in 2018. However, when interest rates dropped dramatically in 2020 (0.38%) and 2021 (0.08%), homeownership rates rebounded to 96%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in Wantagh have remained relatively low, ranging from 4% to 6% between 2013 and 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $1,402, which increased to $2,016 in 2015, representing a 43.8% jump. However, rent prices then fluctuated, dropping to $1,881 in 2019 before rising again to $2,004 in 2022. These fluctuations in rent prices, coupled with the consistently low renter percentages, suggest that Wantagh remains primarily a homeowner's market, with limited rental options.
In 2023, the average home price in Wantagh reached $668,088, showing a continued upward trend from previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $708,651, while federal interest rates have slightly risen to 5.33%. This data indicates a resilient housing market in Wantagh, with home values continuing to appreciate even in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can forecast the following 5-year trends for Wantagh: 1. Average home prices are projected to continue their upward trajectory, potentially reaching around $850,000 by 2029, assuming a moderate annual growth rate of 3-4%. 2. Average rent prices may stabilize and show more consistent growth, potentially reaching $2,400-$2,600 per month by 2029, factoring in historical volatility and potential market adjustments.
In summary, Wantagh (11793) exhibits a strong homeownership market with consistently high owner-occupancy rates and steadily increasing average home prices. The area has shown resilience to rising interest rates, with property values continuing to appreciate. While the rental market remains a small segment, it has experienced some volatility in pricing. The community's desirable location and stable homeownership trends suggest a continued robust real estate market in the coming years.
