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Zip Code 11752: Rising Home Values and Stable Ownership in North Great River, NY
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
North Great River, located in zip code 11752 in New York, has experienced notable fluctuations in homeownership rates and property values over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, highlighting the intricate relationships between these factors. The homeownership rate in North Great River has shown a gradual decline from 2013 to 2021, with a slight uptick in 2022. In 2013, the ownership rate stood at 89%, decreasing to 83% by 2019. However, there was a modest recovery to 87% in 2022. Concurrently, average home prices in the area have demonstrated a consistent upward trend. In 2013, the average home price was $327,803, which increased to $526,861 by 2022, representing a significant 60.7% rise over this period.
The relationship between federal interest rates and homeownership rates in North Great River reveals an interesting pattern. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), homeownership rates remained stable at 88-89%. As interest rates began to rise gradually from 2016 to 2019 (0.40% to 2.16%), homeownership rates declined to 83%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in North Great River have shown an inverse relationship to homeownership rates, increasing from 11% in 2013 to 17% in 2019, before decreasing slightly to 13% in 2022. Average rent prices have also seen a substantial increase over this period. In 2013, the average rent was $1,768, which rose to $2,720 by 2022, marking a 53.8% increase. This trend in rental prices has outpaced population growth, which has remained relatively stable, suggesting other factors such as housing demand and local economic conditions may be influencing rental costs.
In 2023 and 2024, North Great River continued to experience growth in average home prices. The average home price reached $531,281 in 2023 and further increased to $572,675 in 2024, representing a 7.8% year-over-year growth. This rise occurred despite a significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in the area.
Looking ahead, predictive models suggest that average home prices in North Great River may continue their upward trajectory over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to follow this trend, potentially increasing to approximately $3,200 per month. However, these projections are subject to various economic factors and market conditions.
In summary, North Great River has experienced a gradual shift in its housing landscape, with a slight decrease in homeownership rates accompanied by significant increases in both average home prices and average rent prices. The area has shown resilience in property values, even in the face of rising interest rates, suggesting a robust local housing market. These trends underscore the dynamic nature of the real estate market in zip code 11752 and highlight the importance of monitoring these indicators for both current and prospective residents.
