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Rising Home Values and Ownership Rates in Queens' Zip Code 11428: A Decade of Growth Despite High Interest Rates
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 11428, located in Queens, New York, has experienced significant changes in homeownership rates and property values over the past decade. This area has shown a clear trend towards increased homeownership and rising average home prices, while average rent prices have fluctuated.
The ownership percentage in zip code 11428 has shown a steady increase from 2013 to 2022. In 2013, 69% of residents were homeowners, and this figure rose to 75% by 2022. Concurrently, average home prices in the area have seen substantial growth. In 2013, the average home price was $350,941, and by 2022, it had nearly doubled to $689,511. This upward trend in both homeownership rates and average home prices suggests a strong correlation between the two factors, indicating a growing preference for homeownership in the area despite rising property values.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 11428. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates increased from 69% to 74%, likely due to more affordable financing options. However, as interest rates rose sharply to 1.68% in 2022 and 5.02% in 2023, homeownership rates stabilized around 75%, suggesting that higher interest rates may have slowed the growth in homeownership.
Renter percentages in zip code 11428 have decreased correspondingly with the rise in homeownership. In 2013, 31% of residents were renters, which decreased to 25% by 2022. Average rent prices, however, have not shown a consistent trend. In 2013, the average rent was $1,584, which increased to $1,768 in 2018 before decreasing to $1,528 in 2022. This fluctuation in rent prices, despite the decreasing renter population, may be influenced by various factors including changes in housing supply and demand dynamics in the area.
Looking at the most recent data, average home prices in zip code 11428 slightly decreased from $689,511 in 2022 to $689,490 in 2023, before rising again to $702,074 in 2024. This recent uptick in home prices occurs despite the further increase in federal interest rates to 5.33% in 2024, suggesting a resilient housing market in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11428 will continue to rise, potentially reaching around $750,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $1,600-$1,700 per month in the same timeframe.
In summary, zip code 11428 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in the face of rising interest rates, with homeownership rates and average home prices continuing to increase. While renter percentages have decreased, average rent prices have fluctuated, reflecting the complex dynamics of the local housing market. These trends suggest a strong and growing demand for homeownership in this Queens neighborhood, likely driven by its desirable location and the overall strength of the New York City real estate market.
