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Zip Code 11715: Blue Point's Rising Home Values and Ownership Resilience
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
Blue Point, located in zip code 11715 in New York, presents an intriguing case study of homeownership and housing market dynamics. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Blue Point has shown some variability, ranging from a high of 85% in 2018 to a low of 76% in 2020. This trend has coincided with significant changes in average home prices. In 2013, the average home price was $376,966, which steadily increased to $608,330 by 2022, representing a substantial 61.4% increase over nine years. This upward trend in home prices may have influenced homeownership rates, as rising prices can make it more challenging for potential buyers to enter the market.
Federal interest rates have played a crucial role in shaping homeownership trends in Blue Point. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 80-84%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, we observed a slight increase in homeownership to 85%. This suggests that some residents may have rushed to purchase homes before rates climbed further.
Renter percentages in Blue Point have generally mirrored the inverse of homeownership rates, ranging from 15% to 24% between 2013 and 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $1,932, which peaked at $1,937 in 2014 before declining to $1,785 in 2022. Interestingly, the highest percentage of renters (24%) was observed in 2020 when the population was 4,453, suggesting that economic uncertainties during that year may have led to an increase in renting.
Looking at the most recent data, average home prices in Blue Point continued to rise, reaching $626,199 in 2023 and $646,436 in 2024. This represents a 6.3% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Blue Point will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $750,000 to $800,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching around $2,100 to $2,200 per month by 2029, based on historical trends and accounting for inflation.
In summary, Blue Point has experienced a general upward trend in average home prices over the past decade, with some fluctuations in homeownership rates. The interplay between federal interest rates, housing prices, and rental markets has shaped the local real estate landscape. As we move forward, the area is likely to see continued growth in both home values and rental prices, though the pace may be moderated by higher interest rates and broader economic factors.
