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Zip Code 11356: Rising Average Home Values and Shifting Ownership Patterns 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 11356, located in Queens, New York, has experienced significant demographic and real estate changes over the past decade. This area has seen fluctuations in homeownership rates, coupled with a steady increase in both average home prices and average rent prices.
The homeownership rate in zip code 11356 has shown some variability over the years. In 2013, the area had an even split between owners and renters, with both at 50%. By 2018, there was a shift towards renting, with homeownership dropping to 45%. However, this trend reversed in recent years, with homeownership reaching 51% in 2022. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $478,486, which increased dramatically to $803,629 by 2022, representing a substantial 68% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 50%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership, reaching a low of 45% in 2018. However, despite the interest rate spike to 5.02% in 2023, homeownership rebounded to 51% in 2022, suggesting other local factors may be influencing homeownership decisions in this area.
Renter percentages and average rent prices in zip code 11356 have also shown interesting trends. The percentage of renters peaked at 55% in 2018, corresponding with the lowest homeownership rate. Average rent prices have steadily increased from $1,639 in 2013 to $1,832 in 2022, a 12% increase. This rise in rent prices occurred despite fluctuations in the renter population, indicating strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 11356 decreased slightly from $803,629 in 2022 to $791,427 in 2023, and further to $789,872 in 2024. This slight downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the stabilization of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11356 may continue to experience moderate growth, albeit at a slower pace than the previous decade due to higher interest rates. Average rent prices are expected to maintain their upward trajectory, driven by the area's consistent population growth and the balance between owners and renters.
In summary, zip code 11356 has demonstrated resilience in its real estate market. Despite fluctuations in homeownership rates and significant increases in both home prices and rents, the area has maintained a relatively balanced housing market. The recent stabilization of home prices, coupled with high interest rates, suggests a potential shift in the market dynamics. However, the consistent population growth and the area's attractiveness are likely to continue supporting both the rental and ownership markets in the coming years.
