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Average Home Values and Ownership in Zip Code 11385: A Decade of Growth and Challenges 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 11385, located in Queens, New York, has experienced significant changes in its housing market over the past decade. This densely populated area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 11385 has shown a gradual increase from 28% in 2013 to 32% in 2017 and 2018, before slightly declining to 30% in 2022. During this period, average home prices have demonstrated a strong upward trend. In 2013, the average home price was $454,057, which steadily rose to $790,394 by 2022, representing a substantial 74% increase over nine years. This trend suggests a growing demand for homeownership in the area, despite the rising costs.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 11385. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 28% to 31%. As interest rates began to rise more notably from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 31-32%. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 30% by 2022, possibly due to other economic factors related to the global pandemic.
Renter percentages in zip code 11385 have shown a slight decline from 71% in 2013 to 70% in 2022, inversely mirroring the homeownership trend. Average rent prices, however, have consistently increased. In 2013, the average rent was $1,343, which rose to $1,627 by 2022, marking a 21% increase. This upward trend in rent prices, coupled with a relatively stable renter population, suggests a competitive rental market in the area. The population growth from 99,731 in 2013 to 105,613 in 2022 may have contributed to the sustained demand for rental properties.
In 2023 and 2024, the average home prices in zip code 11385 have shown signs of stabilization. The average home price in 2023 was $791,015, only a slight increase from 2022. In 2024, there was a marginal decrease to $790,663. This leveling off 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 may be contributing to a cooling effect on the housing market.
Looking ahead, predictive models suggest that average home prices in zip code 11385 may experience moderate growth over the next five years, albeit at a slower pace than observed in the previous decade. Average rent prices are expected to continue their upward trajectory, potentially reaching around $1,900 by 2029, assuming current economic conditions and population trends persist.
In summary, zip code 11385 has experienced a notable increase in average home prices and a steady rise in average rent prices over the past decade. Homeownership rates have shown modest growth, while renter percentages have slightly declined. The recent stabilization of home prices, coupled with rising interest rates, suggests a potential shift in the local housing market dynamics. These trends indicate a complex interplay between housing affordability, population growth, and broader economic factors in shaping the real estate landscape of this Queens neighborhood.
