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Zip Code 11963: Rising Home Values and Stable Ownership in Coastal 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
Noyack, located in zip code 11963 in New York, is a coastal community known for its picturesque landscapes and exclusive real estate market. Over the past decade, this area has experienced significant fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Noyack has remained relatively stable, hovering around 80-84% between 2013 and 2022. This high rate of owner-occupancy is notable, especially considering the substantial increase in average home prices during this period. In 2013, the average home price was $967,173, which rose dramatically to $2,010,873 by 2022, representing a 107.9% increase over nine years. Despite this significant price appreciation, the homeownership rate actually increased slightly from 82% in 2013 to 84% in 2022, suggesting a strong desire for property ownership in this area regardless of rising costs.
Federal interest rates have played a role in shaping homeownership trends in Noyack. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the sustained high levels of homeownership despite rising property values. As interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained resilient, indicating that other factors such as the area's desirability and potentially high incomes among residents were offsetting the impact of higher borrowing costs.
Renter occupancy in Noyack has fluctuated between 16% and 20% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $2,031, which peaked at $2,467 in 2020 before slightly decreasing to $2,403 in 2022. This represents an overall increase of 18.3% in average rent from 2013 to 2022. The population growth from 6,946 in 2013 to 8,467 in 2022 may have contributed to the upward pressure on rent prices, although the relationship is not strictly linear, suggesting other factors at play in the local rental market.
Looking at the most recent data, average home prices in Noyack continued their upward trajectory, reaching $2,065,844 in 2023 and $2,105,008 in 2024. This represents a further 4.7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% seen in 2022. These higher 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 Noyack will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $2,400,000 to $2,600,000, assuming a continuation of current market conditions and economic factors. For average rent prices, the forecast suggests a potential increase to around $2,700 to $2,900 per month by 2029, reflecting ongoing demand for rental properties in this desirable area.
In summary, Noyack has demonstrated remarkable resilience in its real estate market, maintaining high homeownership rates despite substantial increases in property values. The area's ability to sustain such high average home prices and rising rents, even in the face of fluctuating interest rates, underscores its attractiveness as a residential location. As we look to the future, the interplay between property values, rental rates, and broader economic factors will continue to shape the housing landscape in this unique coastal community.
