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Zip Code 11726: Rising Home Values and Ownership Rates in Copiague, 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
Copiague, located in zip code 11726 in New York, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend towards increased homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in Copiague has shown a significant upward trend, increasing from 67% in 2013 to 75% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $275,260, which steadily climbed to $490,314 by 2022, representing a 78% increase over this period. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Copiague. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 67% to 68%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 75% in 2022. This suggests that other factors, such as local economic conditions and housing market dynamics, may have outweighed the impact of rising interest rates on homeownership in this area.
The renter percentage in Copiague has conversely decreased from 33% in 2013 to 25% in 2022. Interestingly, average rent prices have remained relatively stable during this period, with minor fluctuations. In 2013, the average rent was $1,724, which slightly decreased to $1,681 by 2022. This stability in rent prices, coupled with the decreasing percentage of renters, may indicate a shift in housing preferences or improved economic conditions enabling more residents to transition to homeownership.
Looking at the most recent data, the average home price in Copiague for 2023 was $483,543, showing a slight decrease from 2022. However, the average home price for 2024 has rebounded to $523,238, indicating a continued upward trend in property values. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than previous years and may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Copiague will continue to rise, potentially reaching around $600,000 by 2029. This projection is based on the historical growth rate and current market conditions. Average rent prices are expected to remain relatively stable, with potential modest increases to around $1,800 per month by 2029, assuming current trends persist.
In summary, Copiague has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite rising interest rates, the area has maintained a strong trend towards homeownership. The stability in average rent prices, coupled with decreasing renter percentages, suggests a shifting housing landscape in this zip code. As we look towards the future, continued growth in property values is anticipated, while rent prices are expected to see moderate increases.
