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Zip Code 11758: Massapequa's Resilient Housing Market and 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
Zip code 11758, located in Massapequa, New York, is a predominantly residential area known for its high rate of homeownership and stable community. Over the past decade, this area has experienced notable trends in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 11758 has remained consistently high, ranging from 89% to 93% between 2013 and 2022. This trend coincides with a steady increase in average home prices. In 2013, the average home price was $414,165, which rose to $649,668 by 2022, representing a substantial 56.9% increase over nine years. This upward trend in home prices appears to have had minimal impact on homeownership rates, suggesting a strong desire for homeownership in this community despite rising costs.
The relationship between federal interest rates and homeownership rates in this area is interesting. Despite fluctuations in interest rates, homeownership rates remained relatively stable. For instance, when interest rates were at historic lows (0.08% in 2021), homeownership was at 92%. Interestingly, as interest rates rose to 1.68% in 2022, homeownership increased slightly to 93%. This suggests that other factors, such as community stability and local market conditions, may have a stronger influence on homeownership in this zip code than national interest rate trends.
Renter percentages in zip code 11758 have remained low, fluctuating between 7% and 10% from 2013 to 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,742, which increased to $2,264 by 2017, a 30% jump in just four years. After reaching this peak, average rent prices showed some moderation, settling at $2,147 in 2022. This trend suggests that while the rental market is small in this area, it has experienced significant price pressures, potentially influenced by the overall increase in property values and limited rental supply.
Looking at the most recent data, the average home price in zip code 11758 reached $669,313 in 2023 and further increased to $709,296 in 2024. This represents a significant 9.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a tightening monetary policy environment that could potentially impact future home buying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11758 will continue to rise, potentially reaching around $850,000 by 2029. This projection is based on the historical growth rate and assumes continued demand for housing in the area. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $2,500 by 2029, reflecting the area's predominantly owner-occupied housing market and limited rental inventory.
In summary, zip code 11758 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to external factors such as interest rate fluctuations, maintaining its appeal to homeowners. The rental market, while small, has experienced significant price variations, reflecting the overall increase in property values. As the community moves forward, it is likely to continue its trend of strong homeownership and appreciating home values, with the rental market remaining a minor but potentially volatile segment of the local real estate landscape.
