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Zip Code 11717: Rising Home Values and Ownership Rates in Brentwood, 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
Brentwood, located in zip code 11717 in New York, has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices in this suburban community. The ownership percentage in Brentwood has shown a steady increase from 2013 to 2022. In 2013, 73% of residents were homeowners, and this figure rose to 80% by 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $230,074, which more than doubled to $490,699 by 2022, representing a 113% increase over nine years.
The relationship between federal interest rates and homeownership rates in Brentwood appears to follow the typical pattern of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 73% to 71%. Even as interest rates began to rise in 2017 and 2018, reaching 1.83%, homeownership continued to grow, possibly due to the lingering effects of the previous low-rate environment and other local factors.
Conversely, the percentage of renters in Brentwood has decreased over time, from 27% in 2013 to 20% in 2022. Despite this decline in the renter population, average rent prices have shown some fluctuation. The average rent was $1,539 in 2013, peaked at $1,594 in 2014, and then experienced some ups and downs before settling at $1,503 in 2022. This relatively stable rent price, despite a decreasing renter population, might indicate a tight rental market or other local economic factors influencing housing costs.
In 2023 and 2024, the housing market in Brentwood continued to evolve. The average home price in 2023 was $493,978, showing a slight increase from 2022. In 2024, the average home price rose further to $529,120, indicating continued growth in the local real estate market. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, our predictive models suggest that average home prices in Brentwood will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. We anticipate average home prices could reach around $600,000 by 2029. Average rent prices are expected to show moderate growth, potentially reaching $1,700 to $1,800 per month in the same timeframe, reflecting ongoing demand for rental properties despite the strong homeownership trend.
In summary, Brentwood has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The rental market has seen a decrease in the percentage of renters, while average rent prices have remained relatively stable. The recent rise in interest rates and continued growth in home prices suggest a dynamic housing market that will likely continue to evolve in the coming years.
