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Zip Code 11577: Rising Home Values and Ownership Rates in Roslyn Heights
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
Roslyn Heights, located in zip code 11577 in New York, is a suburban community characterized by affluent residents and high-quality schools. Over the past decade, this area has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Roslyn Heights has shown a significant increase in recent years, rising from 88% in 2017 to 95% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2017, the average home price was $879,907, which steadily rose to $1,073,801 by 2022, representing a 22% increase over five years. This correlation suggests that rising property values have not deterred homeownership; instead, it may have encouraged more residents to invest in real estate as a long-term asset.
The relationship between federal interest rates and homeownership rates in Roslyn Heights presents an interesting case. Despite the federal interest rate rising from 1% in 2017 to 1.68% in 2022, homeownership in the area continued to increase. This trend contradicts the typical expectation that higher interest rates discourage homeownership. The persistent growth in homeownership despite rising interest rates may indicate strong local economic factors or a preference for property investment in this particular market.
As homeownership rates increased, the percentage of renters in Roslyn Heights decreased from 11% in 2017 to 5% in 2022. Interestingly, this decline in the renter population coincided with a significant increase in average rent prices. The average rent rose from $2,071 in 2017 to $2,489 in 2022, a 20% increase. This inverse relationship between renter percentage and rent prices could be attributed to a shrinking rental market with higher-quality or more desirable properties remaining, thus commanding higher rents.
Looking at the most recent data, the average home price in Roslyn Heights reached $1,118,814 in 2023 and further increased to $1,185,342 in 2024, showing a continued upward trajectory. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, the housing market in Roslyn Heights appears to remain robust, potentially indicating strong local economic factors or high demand for housing in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Roslyn Heights will continue to rise, potentially reaching around $1.4 million by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a potential increase to approximately $3,000 per month by 2029, following the upward trajectory seen in recent years.
In summary, Roslyn Heights (11577) has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with home prices and homeownership rates continuing to rise even in the face of increasing interest rates. The rental market, while shrinking in terms of percentage of residents, has seen significant increases in average rent prices. These trends paint a picture of a desirable, affluent community with a robust real estate market that has consistently appreciated in value.
