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Average Home Values and Ownership in Zip Code 11419: 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 11419, located in Queens, New York, has experienced significant changes in homeownership rates and property values over the past decade. This diverse neighborhood has seen a notable shift towards increased homeownership, coupled with substantial growth in average home prices and average rent rates. The ownership percentage in zip code 11419 has shown a clear upward trend, rising from 56% in 2013 to 62% in 2022. This increase in homeownership coincided with a dramatic rise in average home prices, which grew from $367,308 in 2013 to $711,422 in 2022, representing a 93.7% increase over nine years. The relationship between ownership rates and home prices suggests that despite rising costs, more residents were able to enter the housing market, possibly due to favorable economic conditions or changing demographics in the area. Federal interest rates have played a crucial role in shaping homeownership trends in zip code 11419. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial increase in homeownership from 56% to 58%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, reaching 62% in 2022. This suggests that other factors, such as local economic growth or changing preferences, may have outweighed the impact of rising interest rates on homeownership in this area.
Conversely, the percentage of renters in zip code 11419 decreased from 44% in 2013 to 38% in 2022. Despite this decline, average rent prices increased steadily, rising from $1,381 in 2013 to $1,608 in 2022, a 16.4% increase. This trend indicates that while fewer residents were renting, those who did faced higher costs. The population fluctuations during this period, peaking at 52,620 in 2017 before declining to 47,359 in 2022, may have influenced the rental market dynamics, potentially creating a more competitive environment for available rental properties.
Looking at more recent data, the average home price in zip code 11419 decreased slightly to $700,837 in 2023 and further to $690,897 in 2024. This represents a 2.9% decrease from the 2022 peak. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially contributing to the cooling of the housing market in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11419 may experience a period of stabilization or slight decline in the short term, followed by modest growth as the market adjusts to higher interest rates. Average rent prices are expected to continue their upward trajectory, albeit at a more moderate pace, reflecting the ongoing demand for rental properties in this urban area.
In summary, zip code 11419 has witnessed a substantial increase in homeownership rates and property values over the past decade, despite rising interest rates. The area has shown resilience in its housing market, with a recent slight cooling in home prices potentially offering opportunities for new buyers. The rental market, while shrinking in terms of occupancy, has seen consistent price growth, indicating sustained demand for rental properties in this Queens neighborhood.
