The renter percentage in zip code 11507 has been consistently low, hovering around 1% for most of the observed period. However, there was a notable increase to 6% in 2022. Despite this low renter population, average rent prices have shown significant volatility. The average rent increased from $1,409 in 2013 to $2,495 in 2021, a 77% rise. Interestingly, the average rent slightly decreased to $2,336 in 2022, coinciding with the increase in the renter population. This could suggest a market adjustment to accommodate the sudden influx of renters.

In 2023 and 2024, the average home prices in zip code 11507 continued their upward trend, reaching $879,648 in 2023 and $936,939 in 2024. This represents a 10% increase from 2022 to 2024, despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. This resilience in home prices, even in the face of higher borrowing costs, suggests strong underlying demand in the area.

Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 11507. A conservative estimate would suggest a 5-year forecast reaching approximately $1.1 million by 2029. Average rent prices, given their historical volatility, are more challenging to predict. However, if the trend of increasing renter population continues, we might see a stabilization or moderate increase in rent prices, potentially reaching around $2,700 to $3,000 per month in the next five years.

In summary, zip code 11507 demonstrates a robust real estate market characterized by exceptionally high homeownership rates and steadily appreciating property values. The area has shown resilience to interest rate fluctuations and maintains strong demand for housing. The recent increase in the renter population and the continued rise in home prices suggest a dynamic market that adapts to changing conditions while maintaining its overall strength and attractiveness to homeowners.