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Zip Code 11780: St. James's High Homeownership 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
St. James, located in zip code 11780 in New York, is a community that has experienced interesting shifts in homeownership and housing prices over the past decade. This analysis explores 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 St. James has remained relatively stable, hovering around 90% throughout the observed period. In 2013, the ownership rate was 91%, and it maintained this level with minor fluctuations until 2022, when it slightly decreased to 89%. During this same period, average home prices in the area showed a steady upward trend. In 2013, the average home price was $469,966, and by 2022, it had increased to $691,511, representing a significant 47% growth over nine years.
The relationship between federal interest rates and homeownership rates in St. James doesn't show a strong correlation. Despite interest rates remaining historically low from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively constant. This suggests that other factors, such as local economic conditions or housing supply, may have a more significant influence on homeownership in this area than interest rates alone.
Renter percentages in St. James have shown slight variations, ranging from 8% to 11% between 2013 and 2022. The average rent prices have also fluctuated during this period. In 2013, the average rent was $1,892, and it reached its lowest point in 2015 at $1,776. By 2022, the average rent had decreased slightly to $1,857. Interestingly, the highest average rent of $2,039 was recorded in 2021, coinciding with a slight increase in the renter percentage to 10%. The population growth from 15,186 in 2013 to 16,188 in 2022 may have contributed to the overall stability in rental demand and prices.
Looking at the most recent data, the average home price in St. James continued to rise in 2023, reaching $701,168. In 2024, it further increased to $732,612, showing a sustained upward trend in property values. Concurrently, federal interest rates have risen significantly, from 5.02% in 2023 to 5.33% in 2024. This increase in interest rates could potentially impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in St. James will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $850,000 to $900,000. Average rent prices are expected to increase moderately, potentially reaching around $2,200 to $2,400 by 2029, driven by population growth and potential shifts in homeownership rates due to higher mortgage costs.
In summary, St. James has maintained a high homeownership rate despite fluctuations in the housing market and interest rates. The area has seen substantial growth in average home prices, while rental prices have remained relatively stable with occasional spikes. The recent increase in interest rates may influence future trends, potentially slowing down the rapid growth in home prices and slightly increasing rental demand. Overall, St. James appears to be a desirable area with a strong preference for homeownership and steadily appreciating property values.
