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Zip Code 11791: Stable Homeownership and Rising Home Values in Syosset, New York
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
Syosset, located in zip code 11791 in New York, is a suburban community known for its excellent schools and high quality of life. This area has maintained consistently high homeownership rates, with average home prices showing a steady upward trend and average rent prices experiencing significant fluctuations over the years.
The homeownership rate in Syosset has remained remarkably stable, hovering around 93% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $642,020, which increased to $954,751 by 2022, representing a 48.7% increase over nine years. This steady rise in home values, coupled with the stable high homeownership rate, suggests a strong and desirable housing market in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained high at 91-93%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), the homeownership rate held steady at 93%, indicating the area's resilience to moderate interest rate increases.
The renter population in Syosset has seen a slight increase over the years, from 5% in 2013 to 7% in 2022. Interestingly, average rent prices have shown significant volatility. In 2013, the average rent was $1,575, which increased dramatically to $2,696 by 2016, a 71.2% jump in just three years. Since then, average rent prices have fluctuated, reaching $2,740 in 2022. This increase in average rent prices, coupled with the slight rise in the renter population, suggests growing demand for rental properties in the area.
In 2023, the average home price in Syosset reached $981,886, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $1,042,778, while interest rates have slightly risen to 5.33%. Despite higher interest rates, the continued rise in home prices indicates sustained demand in this market.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Syosset to continue their upward trajectory over the next five years. Projections suggest that by 2029, average home prices could potentially reach or exceed $1,250,000. For average rent prices, the trend is likely to continue its upward but volatile path, potentially reaching around $3,000 by 2029, assuming consistent economic conditions and housing demand.
In summary, Syosset (11791) demonstrates a robust housing market characterized by high homeownership rates, steadily increasing average home prices, and volatile but generally rising average rent prices. The area's resilience to interest rate changes and consistent population growth suggest a continued strong demand for housing in this desirable suburban community.
