Loading Content...
Zip Code 11501: Mineola's Rising Home Values and Shifting Ownership Patterns
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 11501, located in Mineola, New York, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its proximity to New York City and suburban charm, has seen a gradual shift in its housing market dynamics.
The homeownership rate in zip code 11501 has shown a slight decline from 2013 to 2022. In 2013, the percentage of owner-occupied housing units was 68%, which decreased to 63% by 2022. This trend coincides with a substantial increase in average home prices. The average home price in 2013 was $419,954, which rose dramatically to $679,792 by 2022, representing a 61.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate declined from 68% to 65%. This trend suggests that other factors, such as rapidly increasing home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in this area.
The renter percentage in zip code 11501 has increased from 31% in 2013 to 37% in 2022. This rise in renters corresponds with a significant increase in average rent prices. In 2013, the average rent was $1,568, which increased to $1,947 by 2022, representing a 24.2% increase. The population growth from 19,700 in 2013 to 21,992 in 2022 likely contributed to the increased demand for rental properties, driving up prices.
In 2023, the average home price in zip code 11501 reached $693,470, and in 2024, it further increased to $760,766. This represents a substantial 9.7% year-over-year increase. Notably, the federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with increasing home prices, may pose challenges for potential homebuyers in the near future.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 11501: Average home prices are projected to continue their upward trajectory, potentially reaching around $900,000 by 2029, assuming a similar growth rate to recent years. Average rent prices are expected to increase as well, potentially surpassing $2,500 per month by 2029, driven by population growth and increased demand for rental properties.
In summary, zip code 11501 has experienced a gradual decrease in homeownership rates, accompanied by substantial increases in both average home prices and average rent prices. The area has seen significant population growth, which has likely contributed to the rising housing costs. The recent spike in interest rates, combined with the continued increase in home prices, may further impact homeownership rates in the coming years. As the area continues to evolve, these housing market dynamics will play a crucial role in shaping the community's future.
