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Zip Code 11557: Rising Home Values and Ownership Trends in Hewlett Harbor, 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
Hewlett Harbor, located in zip code 11557 in New York, is a small but affluent community with a population of 9,770 as of 2022. This area has experienced fluctuations in homeownership rates and property values over the past decade, with a general trend towards increasing average home prices and a slight decrease in owner-occupied housing.
The ownership percentage in Hewlett Harbor has shown a gradual decline from 94% in 2013 to 90% in 2022, while average home prices have steadily increased. In 2013, the average home price was $509,770, rising to $824,584 by 2022, representing a substantial 61.8% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), homeownership rates remained relatively stable at around 92-94%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 87%. This trend aligns with the general principle that lower interest rates encourage homeownership due to more affordable financing options.
The percentage of renters in Hewlett Harbor has increased from 6% in 2013 to 10% in 2022. During this period, average rent prices have fluctuated but shown an overall upward trend. In 2013, the average rent was $2,037, rising to $2,131 in 2022, an increase of about 4.6%. The increase in renter population and rent prices could be attributed to the growing population, which rose from 8,837 in 2013 to 9,770 in 2022, potentially increasing demand for rental properties.
In 2023, the average home price in Hewlett Harbor reached $855,559, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $881,907, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability and homeownership rates.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in Hewlett Harbor: Average home prices are likely to continue their upward trajectory, potentially reaching around $1,050,000 by 2029, assuming a similar growth rate to recent years. Average rent prices may also continue to rise, potentially reaching approximately $2,500 by 2029, reflecting the increasing property values and demand for housing in the area.
In summary, Hewlett Harbor has experienced a gradual shift in its housing market over the past decade. The most significant trends include the steady increase in average home prices, a slight decrease in homeownership rates, and a corresponding increase in the renter population. These changes appear to be influenced by factors such as population growth, rising property values, and fluctuations in federal interest rates. As the community continues to evolve, it will be important to monitor these trends and their impact on the local housing market.
