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Average Home Values and Ownership in Zip Code 11105: A Decade of Growth and Recent Cooling
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 11105, located in Queens, New York, is a dynamic urban area that has experienced notable shifts in its real estate landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns and potential future trajectories. The homeownership rate in zip code 11105 has remained relatively stable, with slight fluctuations between 25% and 28% from 2013 to 2022. Despite this stability, average home prices have shown a significant upward trend. In 2010, the average home price was $528,225, which steadily increased to $1,062,035 by 2022, representing a substantial 101% increase over 12 years. This trend suggests that while the proportion of homeowners has not changed dramatically, the value of properties in the area has appreciated considerably.
Federal interest rates have played a role in shaping homeownership trends in zip code 11105. From 2010 to 2016, when interest rates were historically low (ranging from 0.1% to 0.4%), the homeownership rate remained relatively stable at around 25%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 28%. This could indicate that some renters may have been motivated to purchase homes before interest rates climbed further.
Renter percentages in zip code 11105 have consistently remained high, ranging from 72% to 75% between 2013 and 2022. This high proportion of renters aligns with the urban nature of Queens and the broader New York City area. Average rent prices have shown a steady increase over time, rising from $1,554 in 2013 to $1,896 in 2022, a 22% increase. It's worth noting that the population in the zip code has fluctuated, reaching a low of 35,677 in 2013 and climbing to 38,865 in 2022, which may have contributed to the upward pressure on rent prices.
In 2023 and 2024, the real estate market in zip code 11105 experienced some changes. The average home price in 2023 was $1,046,499, showing a slight decrease from the 2022 peak. In 2024, the average home price further declined to $1,012,308. This downward trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of home prices in the area.
Looking ahead, predictive models suggest that average home prices in zip code 11105 may continue to face downward pressure in the short term due to high interest rates. However, given the area's desirability and historical appreciation, prices are likely to stabilize and potentially resume a moderate upward trajectory in the next 3-5 years. Rent prices are expected to continue their upward trend, albeit at a more modest pace, potentially reaching an average of around $2,200-$2,300 per month within the next five years.
In summary, zip code 11105 in Queens has demonstrated resilience in its real estate market, with consistently high renter percentages and steadily increasing property values over the past decade. While recent interest rate hikes have led to a slight cooling in home prices, the area's strong fundamentals suggest a likely recovery and continued growth in both the ownership and rental markets in the coming years.
