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Zip Code 11106: Average Home Values and Ownership Trends 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 11106, located in Queens, New York, is a densely populated urban area characterized by a high proportion of renters and steadily increasing housing costs. Over the past decade, this neighborhood has experienced significant changes in its real estate market and demographic composition.
The homeownership rate in zip code 11106 has remained relatively stable, with a slight increase from 17% in 2013 to 18% in 2022. During this same period, average home prices have shown a substantial upward trend. In 2013, the average home price was $372,611, which steadily climbed to $798,919 by 2022, representing a remarkable 114% increase over nine years. This significant appreciation in home values has outpaced the modest growth in homeownership, suggesting that rising prices may have made it challenging for many residents to transition from renting to owning.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat complex. Despite historically low interest rates between 2013 and 2021, ranging from 0.08% to 2.16%, the homeownership rate only increased by one percentage point. This suggests that other factors, such as high home prices and local economic conditions, may have a more significant influence on homeownership in this area than interest rates alone.
The renter population in zip code 11106 has consistently comprised the majority of residents, with the percentage of renters decreasing slightly from 83% in 2013 to 82% in 2022. Average rent prices have shown a steady upward trajectory during this period. In 2013, the average rent was $1,308, which increased to $1,668 by 2022, representing a 27.5% rise over nine years. The population in the zip code has fluctuated, with 35,557 residents in 2013, peaking at 39,051 in 2017, and settling at 37,839 in 2022. These population changes, coupled with the consistent high percentage of renters, have likely contributed to the sustained demand for rental properties and the subsequent increase in average rent prices.
Looking at the most recent data, 2023 saw a significant decline in average home prices to $672,175, a 15.9% decrease from 2022. This trend continued into 2024, with average home prices further dropping to $584,477, marking a 13% decrease from 2023. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially influencing the housing market dynamics in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11106 may stabilize or experience modest growth after the recent declines. The high interest rate environment could continue to impact affordability, potentially leading to a slower appreciation rate compared to the previous decade. Average rent prices are expected to continue their upward trajectory, albeit at a more moderate pace, driven by the area's persistent high renter population and the ongoing demand for rental properties in this densely populated urban setting.
In summary, zip code 11106 has demonstrated a resilient rental market with steadily increasing average rent prices, while the homeownership rate has seen minimal growth despite significant appreciation in average home values. The recent downturn in home prices, coupled with rising interest rates, marks a notable shift in the area's real estate landscape, potentially affecting future homeownership trends and market dynamics in this Queens neighborhood.
