Loading Content...
Zip Code 11729: Deer Park's Rising Home Values and 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
Deer Park, located in zip code 11729 in New York, is a vibrant community that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in Deer Park has shown remarkable stability, with a slight upward trend in recent years. In 2013, the ownership rate stood at 82%, and by 2022, it had increased to 84%. This 2% increase in homeownership occurred alongside a significant rise in average home prices. In 2013, the average home price was $321,806, which steadily climbed to $531,161 by 2022, representing a substantial 65% increase over nine years.
The relationship between federal interest rates and homeownership rates in Deer Park presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable, only increasing by 2 percentage points. This suggests that other local factors, such as employment opportunities or quality of life considerations, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages in Deer Park have shown a slight increase, moving from 15% in 2013 to 16% in 2022. This modest rise in renters coincided with fluctuations in average rent prices. The average rent increased from $1,750 in 2013 to a peak of $1,784 in 2016, before decreasing to $1,733 in 2022. It's worth noting that despite the population decrease from 27,091 in 2013 to 26,903 in 2022, the rental market has remained relatively stable, suggesting a consistent demand for rental properties in the area.
In 2023 and 2024, Deer Park experienced continued growth in average home prices. The average home price reached $539,038 in 2023 and further increased to $580,933 in 2024, representing a 7.8% year-over-year increase. This upward trend occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Deer Park are likely to continue their upward trajectory over the next five years. Based on the historical data and current trends, we can expect average home prices to potentially reach the $650,000 to $700,000 range by 2029. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase moderately, possibly reaching $1,800 to $1,900 per month by 2029.
In summary, Deer Park has demonstrated a resilient real estate market characterized by increasing homeownership rates and rising average home prices. The community has maintained a strong preference for homeownership, even in the face of significant price appreciation. The rental market, while smaller, has shown stability with slight growth. As we move forward, the continued rise in home prices and potential stabilization of rent prices suggest that Deer Park will likely remain an attractive area for both homeowners and investors in the coming years.
