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Zip Code 11939: Rising Home Values and Ownership Trends in East Marion's Coastal Community
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 11939, located in East Marion, New York, has experienced significant fluctuations in population and housing dynamics over the past decade. This coastal community has seen a remarkable increase in average home prices, coupled with changes in homeownership rates and rental markets. The ownership percentage in East Marion has shown notable variations, generally decreasing from 2013 to 2020 before rebounding in recent years. In 2013, the area boasted a high 95% homeownership rate, which gradually declined to 81% by 2020. Concurrently, average home prices have demonstrated a strong upward trend. In 2010, the average home price was $565,314, which rose steadily to reach $976,822 in 2022, representing a 72.8% increase over 12 years. The relationship between ownership rates and home prices appears inverse, with declining ownership coinciding with rising prices until 2020, after which both metrics increased.
Federal interest rates have played a role in homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership in East Marion remained relatively high, above 86%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates dipped to 81% by 2018. However, the relationship is not always straightforward, as other local factors likely influenced ownership patterns.
Renter percentages in East Marion have generally mirrored the inverse of homeownership rates, increasing from 5% in 2013 to 19% in 2020, before decreasing to 10% in 2022. Average rent prices have shown an overall upward trend, rising from $1,429 in 2013 to $2,230 in 2022, a 56% increase. The increase in renter percentages until 2020 corresponded with rising rent prices, suggesting increased demand for rental properties. The subsequent decrease in renter percentages coincided with a continued rise in rent prices, possibly indicating a tightening rental market or shift back to homeownership.
In 2023 and 2024, average home prices in East Marion continued their upward trajectory, reaching $1,020,827 in 2023 and $1,054,723 in 2024. This represents a 4.5% and 3.3% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Looking ahead, predictive models suggest that average home prices in East Marion may continue to rise over the next five years, potentially reaching around $1,200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,500 per month within the same timeframe. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, East Marion has experienced a substantial increase in both average home prices and rent over the past decade. While homeownership rates initially declined as prices rose, recent years have seen a resurgence in ownership despite continuing price increases. The interplay between federal interest rates, local market conditions, and population changes has shaped these trends, creating a dynamic housing landscape in this New York coastal community.
