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Zip Code 11514: Average Home Values and Ownership Trends in Carle Place, New York
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
Carle Place, located in zip code 11514 in New York, is a small suburban community with a rich history and dynamic real estate market. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Carle Place has shown notable variability from 2013 to 2022. In 2013, 70% of residents were homeowners, a figure that dipped to 68% in 2014 before rising to 76% in 2021, the highest rate in the observed period. However, by 2022, the ownership rate decreased to 69%. Concurrently, average home prices in the area have demonstrated a consistent upward trend. In 2013, the average home price was $429,870, which steadily increased to $681,295 by 2022, representing a substantial 58.5% growth over this period.
The relationship between federal interest rates and homeownership rates in Carle Place shows some correlation. For instance, the period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with a general increase in homeownership rates from 70% to 73%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed more volatility, ultimately settling at 69% in 2022.
Renter percentages and average rent prices in Carle Place have also shown interesting trends. The percentage of renters decreased from 30% in 2013 to 24% in 2021, before increasing to 31% in 2022. Despite these fluctuations, average rent prices have generally increased. In 2013, the average rent was $1,886, which rose to $2,250 by 2022, a 19.3% increase. This upward trend in rent prices occurred even as the population fluctuated, decreasing from 5,788 in 2013 to 5,628 in 2022.
In 2023 and 2024, the real estate market in Carle Place continued its upward trajectory. The average home price in 2023 was $699,650, a 2.7% increase from 2022. By 2024, it further rose to $738,544, representing a significant 5.6% annual increase. This growth occurred despite the sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, levels not seen since 2007.
Looking ahead, predictive models suggest that both average home prices and rent prices in Carle Place are likely to continue their upward trend over the next five years. Average home prices could potentially reach or exceed $850,000 by 2029, while average rent prices might surpass $2,600 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Carle Place (11514) has experienced significant growth in both average home prices and rent prices over the past decade, despite fluctuations in homeownership rates. The area has shown resilience in its real estate market, with property values continuing to appreciate even in the face of rising interest rates. The interplay between homeownership rates, rental market dynamics, and broader economic factors will likely continue to shape the real estate landscape in this New York community in the coming years.
