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Rockaway Park: Home Values and Ownership Trends in a Beachside Queens Neighborhood
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
Rockaway Park, a coastal neighborhood in Queens, New York, has experienced notable changes in homeownership rates and housing prices over the past decade. Located within the 11694 zip code, this vibrant community is known for its beautiful beaches and seaside charm. From 2013 to 2022, the percentage of owner-occupied homes fluctuated between 23% and 32%, while average home prices showed a general upward trend with some volatility.
The relationship between homeownership rates and average home prices in Rockaway Park reveals an interesting dynamic. In 2013, when the homeownership rate was 30%, the average home price stood at $485,277. By 2019, homeownership reached its peak at 32%, coinciding with a decrease in average home prices to $506,278. This suggests that lower home prices may have contributed to higher homeownership rates. However, by 2022, despite a slight decrease in homeownership to 29%, average home prices had risen to $541,569, indicating a complex interplay between these factors.
Federal interest rates have significantly influenced homeownership trends in Rockaway Park. From 2013 to 2016, historically low interest rates ranging from 0.09% to 0.4% coincided with homeownership rates fluctuating between 23% and 30%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and even increased slightly, reaching 32% in 2019. This trend suggests that while low interest rates generally encourage homeownership, other local factors also play a role in shaping these trends in Rockaway Park.
Renter percentages and average rent prices in Rockaway Park have shown significant variations. In 2013, with 70% of residents renting, the average rent was $1,265. By 2016, the renter percentage increased to 73%, while average rent decreased to $1,044, possibly due to increased rental supply. The renter percentage peaked at 77% in 2015, with an average rent of $1,240. By 2022, the renter percentage stabilized at 71%, with average rent increasing to $1,460. These trends suggest that rental demand remained strong despite fluctuations in rent prices, possibly influenced by the neighborhood's desirable coastal location and proximity to New York City.
In 2023 and 2024, Rockaway Park's housing market showed signs of stabilization. The average home price in 2023 was $535,372, slightly decreasing to $530,180 in 2024. This minor decline occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may have contributed to the slight cooling in home prices, as higher borrowing costs typically dampen housing demand.
Looking ahead, predictive models suggest a potential stabilization or slight increase in average home prices over the next five years, assuming economic conditions remain relatively stable. Average rent prices are forecasted to continue their upward trend, potentially reaching around $1,700-$1,800 by 2029, driven by the area's consistent demand for rental properties and overall inflationary pressures.
In summary, Rockaway Park has demonstrated resilience in its housing market despite various economic fluctuations. The interplay between homeownership rates, home prices, and rental trends reflects the neighborhood's dynamic nature and its appeal to both long-term residents and newcomers. The recent stabilization in home prices, coupled with rising interest rates, suggests a market adjusting to broader economic conditions while maintaining its fundamental attractiveness.
