Renter percentages in zip code 11563 have shown minor fluctuations, inversely mirroring the homeownership trends. In 2013, the renter percentage was 25%, and it remained relatively stable until 2022, when it slightly increased to 26%. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,771, which increased to $2,070 in 2018 (a 16.9% increase), before decreasing to $1,852 in 2022. This represents a modest 4.6% increase in average rent over the nine-year period, significantly lower than the growth in average home prices.

Looking at the most recent data, in 2023, the average home price in zip code 11563 reached $637,429, with federal interest rates at 5.02%. In 2024, the average home price further increased to $668,393, while interest rates rose slightly to 5.33%. These figures indicate a continued upward trend in home prices despite higher interest rates, suggesting strong demand in the area.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 11563 will continue to rise, albeit potentially at a slower rate due to higher interest rates. Based on the historical data and current market conditions, average home prices could potentially reach around $750,000 to $800,000 by 2029. Average rent prices are likely to continue their modest upward trend, potentially reaching $2,100 to $2,300 per month in the same timeframe.

In summary, zip code 11563 has demonstrated resilience in its real estate market, with consistently high homeownership rates and steadily increasing average home prices. The area has seen more stability in its rental market, with modest increases in average rent prices. The continued rise in home prices, even in the face of higher interest rates, suggests a strong local housing market with sustained demand. These trends indicate that Lynbrook remains an attractive location for both homeowners and investors, with potential for further growth in the coming years.