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Average Home Values and Ownership in Zip Code 11691: Resilience Amid 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 11691, located in Queens, New York, has experienced significant demographic and housing market changes over the past decade. This coastal area, which includes neighborhoods like Far Rockaway, has seen a steady increase in population and evolving homeownership patterns alongside fluctuating housing prices and rent costs. The ownership percentage in zip code 11691 has shown a gradual decline followed by a recent uptick. In 2013, the homeownership rate was 24%, which decreased to 21% by 2019. However, there's been a notable reversal of this trend, with ownership rising to 27% in 2022. This change coincides with substantial growth in average home prices. The average home price in 2013 was $336,454, which increased dramatically to $614,271 by 2022, representing an 82.6% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership. Interestingly, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with the beginning of the upward trend in homeownership, likely due to more affordable financing options.
Renter percentages have fluctuated inversely to homeownership rates, peaking at 78% in 2019 before decreasing to 73% in 2022. Average rent prices have shown a general upward trend, rising from $1,216 in 2013 to $1,333 in 2022, an increase of 9.6%. This increase in rent prices, coupled with the growing population (from 63,765 in 2013 to 73,971 in 2022), suggests a consistently high demand for rental properties in the area.
In 2023 and 2024, the average home prices in zip code 11691 continued to rise, albeit at a slower pace. The average home price reached $614,512 in 2023 and $622,593 in 2024, showing a 1.3% increase over two years. This slowing growth rate coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening home buying activity.
Looking ahead, predictive models suggest that average home prices in zip code 11691 may continue to increase over the next five years, but at a more moderate pace compared to the rapid growth seen in the past decade. Average rent prices are also expected to rise, driven by the area's growing population and the high demand for rental properties. However, the rate of increase may be tempered by economic factors and potential new housing developments.
In summary, zip code 11691 has experienced a significant increase in average home prices and a recent uptick in homeownership rates, despite rising interest rates. The rental market remains strong, with consistently high occupancy rates and gradually increasing average rents. The interplay between population growth, housing prices, and interest rates will likely continue to shape the area's real estate landscape in the coming years.
