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Rising Home Values and Ownership Rates in Zip Code 11429: 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 11429, located in Queens, New York, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a steady increase in the percentage of owner-occupied homes, coupled with significant growth in average home prices.
The ownership percentage in zip code 11429 has shown a consistent upward trend, rising from 66% in 2013 to 72% in 2022. This increase in homeownership corresponds with a substantial rise in average home prices. In 2013, the average home price was $327,732, which more than doubled to $645,054 by 2022, representing a 96.8% increase over nine years. This strong correlation suggests that as property values appreciated, more residents were motivated or able to transition from renting to owning.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, the homeownership rate increased from 66% to 69%, likely due to more affordable financing options. As interest rates began to rise gradually from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, albeit at a slower pace, reaching 72% by 2022.
While homeownership increased, the percentage of renters in zip code 11429 decreased from 34% in 2013 to 28% in 2022. Interestingly, average rent prices remained relatively stable during this period, with only minor fluctuations. The average rent was $1,461 in 2013, peaked at $1,491 in 2014, and then settled at $1,382 in 2022. This stability in rent prices, despite the decreasing proportion of renters, could be attributed to various factors, including local rent control measures or a balance between supply and demand in the rental market.
In 2023 and 2024, the average home prices in zip code 11429 continued to rise, albeit at a slower pace. The average home price reached $648,880 in 2023 and further increased to $661,294 in 2024. This represents a modest growth of 2.5% from 2022 to 2024, significantly lower than the rapid appreciation seen in previous years. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 11429 may continue to appreciate, but at a more moderate rate of 2-3% annually, potentially reaching around $750,000 by 2029. Average rent prices, which have shown stability in recent years, might see slight increases to keep pace with inflation, potentially reaching $1,500-$1,600 per month by 2029.
In summary, zip code 11429 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with steady growth in homeownership rates even as average home prices doubled. The recent slowdown in price appreciation and the sharp increase in interest rates may signal a shift towards a more balanced market in the coming years.
