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Zip Code 11961: Ridge's Surging Home Values and Resilient Ownership Rates
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 11961, located in Ridge, New York, has experienced notable fluctuations in homeownership rates and property values over the past decade. This area, known for its suburban character and proximity to Long Island's natural attractions, has seen a general trend of increasing average home prices and relatively stable homeownership rates.
The homeownership rate in zip code 11961 has remained relatively consistent, ranging between 84% and 88% from 2013 to 2022. Despite some minor fluctuations, the area has maintained a strong base of homeowners. In 2013, the homeownership rate stood at 86%, and by 2022, it had increased slightly to 88%. This stability in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $205,629, and by 2022, it had risen dramatically to $410,115, representing a 99.4% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), the homeownership rate remained stable at around 84-85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 84%. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 88% by 2022, despite rising home prices.
The renter population in zip code 11961 has shown slight variations over the years, generally ranging from 12% to 16% of the total population. In 2013, renters made up 13% of the population, and this figure increased to 16% by 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,614, and it peaked at $1,663 in 2019 before decreasing to $1,543 in 2022. This represents a 4.4% decrease in average rent from 2013 to 2022, despite the overall increase in home values.
In 2023, the average home price in zip code 11961 reached $426,967, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, marking a significant increase from the previous year. Moving into 2024, the average home price has further increased to $453,253, while the federal interest rate has risen slightly to 5.33%. These figures indicate a continuing trend of rising home values in the area, despite higher interest rates.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 11961 are likely to continue their upward trajectory over the next five years. If the current rate of increase persists, we could see average home prices reaching approximately $550,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or increase moderately, potentially reaching around $1,700 to $1,800 per month in the same timeframe.
In summary, zip code 11961 has demonstrated a robust housing market characterized by steadily increasing average home prices and relatively stable homeownership rates. The area has maintained a strong preference for homeownership, even in the face of rising property values. While renter percentages have shown slight increases, they remain a minority in this predominantly owner-occupied community. The recent uptick in interest rates and continued rise in home prices suggest a resilient local real estate market, likely driven by the area's desirable suburban characteristics and limited housing supply.
