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Zip Code 11731: East Northport's Resilient Homeownership Amid Rising Home Values
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
East Northport, located in zip code 11731 in New York, presents an intriguing case study of homeownership and housing market trends. This suburban community has maintained a high rate of homeownership over the years, with a slight increase observed from 2013 to 2022. The average home prices have shown significant growth, particularly in recent years, while average rent prices have experienced moderate fluctuations.
The homeownership rate in East Northport has remained consistently high, increasing from 89% in 2013 to 91% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $391,258 in 2013 to $593,875 in 2022, representing a 51.8% increase over nine years. The stability and growth in homeownership, despite rising prices, suggest a strong local economy and a preference for home ownership in this area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 89% to 90%, likely due to more affordable financing options. The slight dip in homeownership to 86% in 2016 occurred when interest rates began to rise, reaching 0.4% that year.
Renter percentages in East Northport have remained relatively low, fluctuating between 9% and 13% from 2013 to 2022. Average rent prices have shown moderate variations, increasing from $1,884 in 2013 to $1,942 in 2021, before slightly decreasing to $1,842 in 2022. The low renter percentage, coupled with the relatively stable rent prices, suggests a limited rental market in this predominantly owner-occupied area.
In 2023 and 2024, East Northport experienced continued growth in average home prices. The average home price reached $611,886 in 2023 and further increased to $686,278 in 2024, representing a significant jump of 12.2% in just one year. This surge occurred despite a sharp rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that average home prices in East Northport are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to the higher interest rates. Average rent prices are expected to remain relatively stable with modest increases, reflecting the area's limited rental market and strong preference for homeownership.
In summary, East Northport (11731) demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience to economic fluctuations, maintaining strong homeownership even in the face of rising home prices and interest rates. The limited rental market and stable rent prices further underscore the community's preference for homeownership. As we move forward, the housing market in this zip code is poised for continued growth, albeit with potential moderation due to higher interest rates.
