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Zip Code 11547: Rising Home Values and Ownership Trends in Glenwood Landing's Small Community
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
Glenwood Landing, located in zip code 11547 in New York, is a small suburban community with a population of 954 as of 2022. This area has experienced significant shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The ownership percentage in Glenwood Landing has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate was 81%, which rose to 90% by 2022. This upward trend coincided with a substantial increase in average home prices. In 2013, the average home price was $495,705, which steadily climbed to $760,524 by 2022, representing a 53.4% increase over this period. The correlation between rising homeownership rates and increasing home prices suggests a strong demand for housing in this area, possibly driven by its desirable location and community amenities.
Federal interest rates have played a significant role in shaping homeownership trends in Glenwood Landing. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 81% to 83%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 90% in 2022. This suggests that other factors, such as local economic conditions and housing supply, may have had a stronger influence on homeownership rates in this area than interest rates alone.
The renter percentage in Glenwood Landing has decreased significantly from 19% in 2013 to 10% in 2022. Interestingly, despite this decline in the renter population, average rent prices have remained relatively stable. In 2013, the average rent was $1,486, which decreased slightly to $1,378 by 2022, a 7.3% decrease. This stability in rent prices, despite a shrinking renter population, could indicate a tight rental market with limited supply or high-quality rental properties that maintain their value.
As of 2024, the average home price in Glenwood Landing has reached $848,889, a significant increase from $789,680 in 2023. This represents a 7.5% year-over-year increase, indicating continued strong demand for housing in the area. The federal interest rate as of 2024 is 5.33%, which is substantially higher than in previous years. Despite these higher interest rates, the housing market in this zip code appears to remain robust, suggesting that other factors such as local economic strength or limited housing supply may be offsetting the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Glenwood Landing are likely to continue their upward trajectory over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach or exceed $1 million by 2029. Rent prices, which have been relatively stable, may see modest increases in line with inflation and overall housing market appreciation, potentially reaching around $1,500 per month by 2029.
In summary, Glenwood Landing (zip code 11547) has experienced a significant increase in homeownership rates and average home prices from 2013 to 2024. The area has maintained a strong housing market despite fluctuations in federal interest rates, with homeownership reaching 90% by 2022. The rental market, while shrinking in terms of percentage of residents, has maintained relatively stable prices. The continued rise in home prices, even in the face of higher interest rates in 2023 and 2024, suggests a robust local housing market with potential for further growth in the coming years.
