Loading Content...
Average Home Values and Ownership in Queens Zip Code 11435: A Decade of Resilience and Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 11435, located in Queens, New York, has experienced significant demographic and economic shifts over the past decade. This area has seen fluctuations in homeownership rates, along with steady increases in both average home prices and average rent prices, reflecting the dynamic nature of New York City's real estate market.
The homeownership rate in zip code 11435 has remained relatively stable, hovering around 35-38% between 2013 and 2022. Despite this stability, average home prices have shown a substantial upward trend. In 2010, the average home price was $401,391, which increased to $590,854 by 2022, representing a 47% increase over 12 years. This growth in home values did not directly correlate with an increase in homeownership, suggesting that other factors, such as income levels and housing affordability, may have played a role in homeownership decisions.
Federal interest rates have shown a notable relationship with homeownership rates in this zip code. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates slightly increased from 35% to 38%. This aligns with the general trend that lower interest rates can encourage homeownership due to more affordable financing options. However, the relationship is not always direct, as evidenced by the relatively stable homeownership rates despite fluctuating interest rates over the years.
Renter percentages in zip code 11435 have remained the dominant housing tenure, consistently accounting for 62-65% of occupied housing units from 2013 to 2022. Correspondingly, average rent prices have shown a steady increase. In 2013, the average rent was $1,392, which rose to $1,617 by 2022, an increase of about 16% over nine years. This upward trend in rent prices occurred alongside a population increase from 51,740 in 2013 to 58,351 in 2022, suggesting that growing demand for housing in the area may have contributed to rising rent costs.
Looking at more recent data, the average home price in zip code 11435 decreased to $528,834 in 2023 and further to $518,053 in 2024. This represents a significant drop from the peak of $610,088 in 2021. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially influencing the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11435 may continue to experience some downward pressure in the short term due to higher interest rates. However, given the area's consistent population growth and the overall upward trend in home values over the past decade, prices are likely to stabilize and potentially begin to rise again within the next five years. Average rent prices are expected to continue their upward trajectory, albeit at a more moderate pace, driven by the area's high renter population and ongoing demand for housing in Queens.
In summary, zip code 11435 has demonstrated resilience in its housing market, with steadily increasing property values and rent prices over the past decade despite relatively stable homeownership rates. The recent cooling of home prices, coupled with rising interest rates, suggests a potential shift in the market dynamics. However, the area's consistent population growth and high demand for rental properties indicate a robust housing market that is likely to adapt to changing economic conditions in the coming years.
