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Zip Code 11550: Rising Home Values and Ownership Trends in Hempstead, 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
Zip code 11550, located in Hempstead, New York, has shown interesting demographic and housing market trends over the past decade. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 11550 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate was 42%, which increased to 46% by 2022. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $257,942, which steadily increased to $493,930 by 2022, representing a substantial 91.5% increase over nine years. This trend suggests that despite rising home prices, the area maintained a relatively consistent level of homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 11550. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate increased from 42% to 44%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to fluctuate but generally remained in the 44-46% range. This suggests that while lower interest rates may have encouraged some homeownership, other factors also influenced the market in this area.
Renter percentages in zip code 11550 have shown a complementary trend to homeownership rates, ranging from 58% in 2013 to 54% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $1,448, which rose to $1,572 by 2022, a 8.6% increase. Interestingly, the highest average rent was recorded in 2021 at $1,717, coinciding with a population peak of 61,100 residents. This suggests that increased demand due to population growth may have temporarily driven up rental prices.
Looking at the most recent data, the average home price in zip code 11550 reached $512,262 in 2023 and further increased to $534,775 in 2024. This represents a continuation of the upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11550 will continue to rise, potentially reaching around $650,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,800 by 2029, assuming the trend of gradual rent increases continues.
In summary, zip code 11550 has demonstrated resilience in its housing market, maintaining a relatively stable homeownership rate despite significant increases in average home prices. The area has seen substantial property value appreciation, with average home prices nearly doubling from 2013 to 2022. Rental markets have also shown growth, albeit at a slower pace. The recent sharp increase in interest rates, coupled with continuing rises in home prices, may present new challenges for potential homebuyers in the coming years. However, the consistent upward trend in property values suggests ongoing demand and potential for further growth in this Hempstead zip code.
