Renter percentages in Ozone Park fluctuated inversely to homeownership rates, ranging from 36% to 42% between 2013 and 2022. Average rent prices increased overall during this period, rising from $1,349 in 2013 to $1,835 in 2022, a 36% increase. The population of Ozone Park grew from 19,903 in 2013 to 21,040 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.

As of 2024, the average home price in Ozone Park has reached $683,121, showing continued appreciation from the 2022 figure. This increase occurs alongside a federal interest rate of 5.33% in 2024, significantly higher than the rates seen in the previous decade. The 2023 average home price was $670,191, with a federal interest rate of 5.02%, indicating a steady climb in both home values and interest rates over the past two years.

Predictive models suggest that the upward trend in both average home and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in Ozone Park could potentially reach or exceed $750,000 by 2029. Similarly, average rent prices might surpass $2,000 per month within the same timeframe, assuming the current trajectory persists.

In summary, Ozone Park has experienced significant appreciation in both home values and rent prices over the past decade, despite relatively stable homeownership rates. The neighborhood's real estate market has shown resilience and growth, even in the face of fluctuating interest rates and demographic changes. As we move forward, the continued rise in property values and rental costs suggests that Ozone Park remains an attractive area for both homeowners and investors, with potential for further market expansion in the coming years.