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Average Home Values and Ownership in Zip Code 11102: A Decade of Change in Queens, 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 11102, located in Queens, New York, has experienced significant changes in its housing market over the past decade. This area has seen a gradual increase in homeownership rates, fluctuating average home prices, and steadily rising average rent prices, reflecting the dynamic nature of the local real estate landscape.
The ownership percentage in zip code 11102 has shown a modest but consistent upward trend. In 2013, the homeownership rate stood at 13%, and by 2022, it had increased to 16%. This 3 percentage point increase coincided with fluctuations in average home prices. The average home price rose from $499,548 in 2013 to a peak of $767,033 in 2018, representing a 53.5% increase over five years. However, the market experienced a correction, with average home prices declining to $667,626 by 2022, a 13% decrease from the 2018 peak.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. This coincided with the initial increase in homeownership rates from 13% to 14%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued its gradual ascent to 16%, suggesting other local factors may have influenced this trend despite higher borrowing costs.
Renter percentages in zip code 11102 have remained high but slightly decreased from 87% in 2016 to 84% in 2022. During this period, average rent prices demonstrated a consistent upward trend. In 2013, the average rent was $1,449, which increased to $1,808 by 2022, representing a 24.8% rise over nine years. This increase in rent prices occurred despite a significant population decrease from 34,992 residents in 2015 to 26,914 in 2022, suggesting that other factors such as housing quality improvements or neighborhood desirability may have influenced rent prices.
In 2023 and 2024, the housing market in zip code 11102 has shown signs of cooling. The average home price decreased to $642,918 in 2023 and further to $621,258 in 2024, representing a 7% decline over two years. This downturn coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening demand for home purchases.
Looking ahead, predictive models suggest that average home prices in zip code 11102 may continue to experience a slight downward trend over the next five years, potentially stabilizing around $600,000 by 2029. Average rent prices, however, are projected to maintain their upward trajectory, potentially reaching $2,200 per month by 2029. These forecasts take into account historical trends, current market conditions, and the anticipated impact of higher interest rates on housing demand.
In summary, zip code 11102 has witnessed a gradual increase in homeownership rates despite fluctuations in average home prices. The rental market has remained dominant, with consistently rising average rent prices even as the population decreased. The recent cooling of the housing market, coupled with rising interest rates, suggests a period of adjustment ahead. However, the area's resilient rental market indicates ongoing demand for housing in this Queens neighborhood.
