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Zip Code 11977: Westhampton's Rising Home Values and Ownership Trends 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
Zip code 11977, located in Westhampton, New York, has experienced significant changes in homeownership rates and property values over the past decade. This coastal community has seen a notable shift towards increased homeownership and fluctuating average home and rent prices.
The ownership percentage in zip code 11977 has shown a strong upward trend, increasing from 80% in 2015 to 90% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2015, the average home price was $783,201, which rose to $1,254,400 by 2022, representing a 60% increase over seven years. This correlation suggests that as property values increased, more residents opted to invest in homeownership, possibly viewing it as a valuable long-term asset.
Federal interest rates have played a role in homeownership trends in zip code 11977. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. During this period, homeownership rates increased from 80% to 86%. The low interest rates likely made mortgages more affordable, encouraging more residents to purchase homes. However, despite a sharp increase in interest rates to 5.02% in 2023 and 5.33% in 2024, homeownership rates continued to rise, reaching 90% in 2022, indicating other factors may be influencing the local housing market.
The percentage of renters in zip code 11977 has decreased correspondingly, from 20% in 2015 to 10% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2015, the average rent was $2,555, which decreased to $1,850 in 2022, a 28% reduction. This decline in rent prices, coupled with the decreasing renter population, suggests a shift in the local rental market dynamics. The population has also fluctuated, peaking at 2,921 in 2021 before settling at 2,695 in 2022, which may have influenced the rental market trends.
Looking at the most recent data, average home prices in zip code 11977 continued to rise, reaching $1,296,977 in 2023 and $1,337,051 in 2024. This represents a 6.6% increase from 2022 to 2024, indicating a continued strong housing market despite the high interest rates of 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11977 will continue to increase, potentially reaching around $1,600,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching an average of $2,500 per month by 2029, assuming the rental market adjusts to the changing demographics and housing preferences in the area.
In summary, zip code 11977 has experienced a significant shift towards homeownership, with rates increasing from 80% to 90% between 2015 and 2022. This trend has been accompanied by a substantial rise in average home prices, from $783,201 in 2015 to $1,337,051 in 2024. The rental market has seen a decline in both the percentage of renters and average rent prices. Despite rising interest rates, the housing market in this area remains strong, with predictions indicating continued growth in home values over the next five years.
