While the homeownership rate remained high, the percentage of renters in zip code 11725 stayed relatively low, fluctuating between 7% and 8% from 2013 to 2022. Despite this small renter population, average rent prices saw a substantial increase. In 2013, the average rent was $1,689, which rose to $1,993 by 2022, marking an 18% increase. This rise in rent prices, despite the small renter population, could be attributed to the overall increase in property values and the limited supply of rental properties in a predominantly owner-occupied area.

Looking at the most recent data, the average home price in zip code 11725 reached $690,057 in 2023 and further increased to $722,510 in 2024. This represents a significant jump of 8% from 2022 to 2024, indicating a continued strong housing market. Notably, federal interest rates also saw a substantial increase, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the housing market in this zip code appears to remain robust.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11725 will continue to rise, albeit potentially at a more moderate pace due to the higher interest rates. Average rent prices are also expected to increase, possibly at a rate slightly lower than home prices, as the area maintains its predominantly owner-occupied character.

In summary, zip code 11725 demonstrates a stable and strong housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in maintaining its homeownership levels even as home prices and interest rates have risen. The rental market, while small, has also seen significant price increases. These trends suggest that Commack remains an attractive location for homeowners, with potential for continued growth in both the ownership and rental sectors.