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Zip Code 11553: Uniondale's Home Values and Ownership Trends Amidst Rising Prices
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
Uniondale, located in zip code 11553 in New York, is a vibrant community that has experienced notable changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
From 2013 to 2022, Uniondale saw fluctuations in homeownership rates, with a slight overall decrease from 76% to 76%. During this period, average home prices in the area demonstrated a consistent upward trend. In 2013, the average home price was $272,209, which increased significantly to $534,402 by 2022, representing a substantial 96.3% growth over nine years.
The relationship between federal interest rates and homeownership rates in Uniondale shows an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable, only decreasing slightly from 76% to 75%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends than interest rates alone.
Renter percentages in Uniondale showed a slight increase from 23% in 2013 to 24% in 2022. Concurrently, average rent prices experienced notable growth. In 2013, the average rent was $1,651, which rose to $1,948 by 2022, marking an 18% increase over the period. The population growth from 26,190 in 2013 to 28,178 in 2022 likely contributed to the increased demand for rental properties, supporting the rise in average rent prices.
Looking at the most recent data, the average home price in Uniondale reached $549,524 in 2023 and further increased to $579,268 in 2024, indicating a continued upward trend in the local real estate market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Uniondale will continue to rise, potentially reaching around $700,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,300 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Uniondale has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates have remained relatively stable, the substantial increase in housing costs suggests a competitive and dynamic real estate market. The recent rise in interest rates, coupled with the consistent upward trend in housing prices, may present challenges for potential homebuyers in the coming years. However, the steady population growth and increasing renter percentages indicate a robust demand for both owned and rented properties in this New York community.
