Loading Content...
Average Home Values and Ownership in Zip Code 11360: A Decade of Change in Queens, New York
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 11360, located in Queens, New York, has experienced significant changes in homeownership rates and property values over the past decade. This area, known for its suburban feel within the bustling New York City, has shown a general trend of increasing homeownership and fluctuating average home prices, while average rent prices have seen steady growth.
The ownership percentage in zip code 11360 has shown a consistent upward trend from 2013 to 2022. In 2013, the homeownership rate was 68%, which steadily increased to 75% by 2022. This 7% increase in homeownership aligns with the trend in average home prices, which rose from $491,703 in 2013 to $630,402 in 2022, representing a 28% increase over this period. The peak in average home prices occurred in 2018 at $668,356, after which there was a slight decline before stabilizing around the $630,000 mark.
Federal interest rates appear to have influenced homeownership rates in this zip code. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership remained stable at around 69%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership actually increased to 72%. This suggests that while low interest rates generally encourage homeownership, other local factors in zip code 11360 may have played a more significant role in driving homeownership trends.
The renter percentage in zip code 11360 has inversely mirrored the homeownership trend, decreasing from 30% in 2013 to 25% in 2022. Despite this decrease in the renter population, average rent prices have shown a general upward trend. The average rent increased from $1,669 in 2013 to $1,795 in 2022, peaking at $1,927 in 2021. This 7.5% increase in average rent over the period, despite a decreasing renter population, suggests a competitive rental market in the area.
In 2023 and 2024, we see a significant shift in the housing market for zip code 11360. The average home price dropped to $584,914 in 2023 and further decreased to $567,544 in 2024. This represents a substantial 10% decrease from the 2022 average price. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which likely contributed to the cooling of the housing market.
Looking ahead, based on recent trends and current market conditions, we can project that average home prices in zip code 11360 may continue to experience a slight downward trend for the next 1-2 years before stabilizing. After this period, we might see a gradual recovery in home prices, potentially reaching the $600,000 mark again within 5 years. Average rent prices are likely to remain stable or see modest increases, possibly reaching around $1,900 by 2029.
In summary, zip code 11360 has shown a strong trend towards homeownership over the past decade, with average home prices generally increasing until recent market adjustments. The rental market, while shrinking in terms of the percentage of renters, has seen steady growth in average rent prices. The recent drop in home prices coupled with rising interest rates marks a significant shift in the local real estate landscape, potentially creating new opportunities for both buyers and investors in this Queens neighborhood.
