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Average Home Values and Ownership in Zip Code 11694: A Decade of Growth in Queens' Coastal Community
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 11694, located in Queens, New York, offers a unique blend of urban and coastal living. This area has experienced fluctuating homeownership rates and significant changes in average home and rent prices over the past decade.
The ownership percentage in zip code 11694 has shown some variability, with a general trend towards stability in recent years. In 2013, the homeownership rate stood at 57%, gradually decreasing to 52% by 2015. However, from 2018 to 2022, the rate has remained relatively steady, hovering around 54-55%. This stability in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $537,733, which rose dramatically to $860,092 by 2022, representing a 60% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates actually decreased slightly from 57% to 53%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized and even showed a slight increase, reaching 55% in 2021 despite the interest rate climbing to 1.68% in 2022.
Renter percentages in zip code 11694 have shown a slight upward trend, increasing from 43% in 2013 to 46% in 2022. This trend coincides with a substantial increase in average rent prices. In 2013, the average rent was $1,394, which rose to $1,622 by 2022, marking a 16.4% increase. The population in this zip code has remained relatively stable during this period, fluctuating between 20,000 and 21,000 residents, suggesting that the increase in rent prices is not primarily driven by population growth.
In 2023 and 2024, the average home prices in zip code 11694 showed a slight decline followed by a small rebound. The average home price in 2023 was $850,611, a 1.1% decrease from 2022. However, in 2024, the price increased slightly to $858,516. This occurred despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical trends and current economic conditions, we can project the following 5-year trends for zip code 11694:
Average home prices are likely to continue their overall upward trajectory, albeit at a slower pace due to high interest rates. We might expect prices to reach around $900,000 to $950,000 by 2029.
Average rent prices are expected to maintain their upward trend, potentially reaching $1,900 to $2,000 by 2029, assuming the current rate of increase continues.
In summary, zip code 11694 has demonstrated resilience in its housing market, with stable homeownership rates despite rising home prices and interest rates. The area has seen significant appreciation in both home values and rent prices over the past decade, a trend that is likely to continue, albeit potentially at a more moderate pace due to economic factors such as high interest rates.
