Zip code 11355, located in Queens, New York, is a densely populated urban area that has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in zip code 11355 has shown a gradual decline from 2013 to 2022. In 2013, 34% of residents were homeowners, but by 2022, this figure had decreased to 30%. Conversely, the percentage of renters increased from 66% to 70% during the same period. This shift towards renting coincided with a substantial increase in average home prices. In 2013, the average home price was $429,391, which rose dramatically to $612,182 by 2022, representing a 42.6% increase over nine years.

The relationship between federal interest rates and homeownership rates in this zip code follows a generally expected pattern. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), the homeownership rate remained relatively stable at around 32-34%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 30%. This trend suggests that higher interest rates may have contributed to making homeownership less affordable for residents in the area.

Regarding rental trends, the average rent price in zip code 11355 has shown a steady increase over the years, aligning with the growing percentage of renters. In 2013, the average rent was $1,411, which increased to $1,458 by 2022, representing a 3.3% rise. The renter population grew from 66% to 70% during this period, indicating a strong demand for rental properties. This trend could be attributed to the rising home prices making homeownership less attainable for many residents, as well as the area's appeal to renters due to its urban location.