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Zip Code 11771: Rising Home Values and Shifting Ownership in Upper Brookville
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
Upper Brookville, located in zip code 11771 in New York, presents an intriguing case study of real estate dynamics. This affluent area has experienced notable fluctuations in homeownership rates and property values over the past decade. The overall trend shows a slight decrease in homeownership, coupled with a significant increase in average home prices and average rent rates.
The homeownership rate in zip code 11771 has shown a gradual decline from 77% in 2015 to 70% in 2022. This trend coincides with a substantial increase in average home prices, rising from $786,013 in 2015 to $1,027,191 in 2022, representing a 30.7% increase over seven years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 2.16%. Despite these favorable borrowing conditions, homeownership still declined, indicating that other factors, such as rapidly appreciating home values, may have outweighed the benefits of low interest rates. The sharp increase in interest rates to 1.68% in 2022 likely contributed to the continued decline in homeownership to 70% that year.
As homeownership decreased, the percentage of renters in zip code 11771 increased from 23% in 2015 to 30% in 2022. This shift coincided with a rise in average rent prices, from $1,975 in 2015 to $2,092 in 2022, an increase of 5.9%. The population remained relatively stable during this period, fluctuating between 12,000 and 12,600 residents, suggesting that the increase in renters was primarily due to shifts from ownership to renting rather than significant population growth.
Looking at the most recent data, average home prices in zip code 11771 continued to rise, reaching $1,057,040 in 2023 and $1,122,912 in 2024. This represents a further increase of 9.3% from 2022 to 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability and contributing to the ongoing shift towards renting.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11771 will continue to appreciate, potentially reaching around $1,350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,500 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 11771 has experienced a notable shift in its real estate landscape over the past decade. The area has seen a gradual decline in homeownership rates, accompanied by substantial increases in both average home prices and average rent rates. The interplay between rising property values, changing interest rates, and the growing preference for renting has reshaped the local housing market. As we look to the future, the trend of increasing property values and rents is expected to persist, potentially further impacting the balance between homeowners and renters in this New York village.
