Loading Content...
Zip Code 11713: North Bellport's Rising Home Values Amidst Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
North Bellport, located in zip code 11713 in New York, has experienced fluctuating trends in homeownership and housing prices over the past decade. The area has seen a general increase in average home prices, while ownership percentages have remained relatively stable with slight variations. Average rent prices have shown some volatility but have generally increased over time.
The homeownership rate in zip code 11713 has remained relatively stable, ranging between 61% and 68% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $233,741, and by 2022, it had increased significantly to $471,497, representing a growth of over 101% in just nine years. This substantial increase in home prices did not significantly impact homeownership rates, suggesting that other factors may have influenced residents' ability to maintain homeownership.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 65%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), homeownership rates held steady at 65%. Interestingly, when interest rates dropped significantly in 2020 (0.38%) and 2021 (0.08%) due to the COVID-19 pandemic, homeownership rates actually decreased slightly to 61% in 2020 before rebounding to 65% in 2021.
Renter percentages in zip code 11713 have fluctuated between 32% and 39% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,970, which increased to $2,085 in 2014. However, rent prices then experienced a general decline, reaching $1,878 in 2019. Since then, there has been a slight upward trend, with the average rent reaching $1,981 in 2022. The population of the area has also fluctuated, peaking at 10,279 in 2018 and then declining to 8,828 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, the housing market in zip code 11713 continued to show strong growth. The average home price reached $498,170 in 2023 and further increased to $528,016 in 2024, representing a 5.7% and 6.0% year-over-year increase, respectively. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on the historical data and current trends, we can expect the average home prices in zip code 11713 to continue their upward trajectory over the next five years. Assuming a conservative annual growth rate of 5%, average home prices could reach approximately $673,000 by 2029. Average rent prices, which have shown more volatility, may continue to increase moderately. Projecting a 2% annual increase from the 2022 level, average rents could approach $2,190 by 2029.
In summary, zip code 11713 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced substantial property value appreciation, with average home prices more than doubling from 2013 to 2024. Rental markets have shown more variability, with recent trends indicating a slight upward movement in average rents. The interplay between federal interest rates, population changes, and housing market dynamics will continue to shape the real estate landscape in this New York community.
