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Zip Code 11362: Average Home Values and Ownership Trends in Queens' Suburban Enclave
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 11362, located in Queens, New York, is a dynamic area that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the changing landscape of this Queens neighborhood. The homeownership rate in zip code 11362 has shown a gradual decline from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 79%, which remained relatively stable until 2018 at 81%. However, from 2019 onwards, there was a consistent decrease, reaching 75% by 2022. This trend coincided with significant changes in average home prices. The average home price in the area rose from $484,167 in 2010 to a peak of $718,525 in 2018, representing a substantial increase of 48.4% over eight years. After 2018, average home prices experienced some fluctuations but remained relatively high, standing at $708,021 in 2022.
The relationship between federal interest rates and homeownership rates in zip code 11362 follows a generally inverse pattern. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates remained high and stable at around 79-81%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed the beginning of a decline in homeownership rates. This trend aligns with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
As homeownership percentages declined, the proportion of renters in zip code 11362 naturally increased. The renter percentage rose from 18% in 2017 to 25% in 2022. This shift coincided with a substantial increase in average rent prices. In 2013, the average rent was $1,882, which increased to $2,326 by 2022, representing a 23.6% rise over nine years. The most significant jump occurred between 2017 and 2018, when average rent increased from $1,856 to $2,168, a 16.8% increase in just one year. This sharp rise in rent prices may have contributed to the declining homeownership rates, as potential buyers faced both higher home prices and rising rents, making it more challenging to save for a down payment.
Looking at the most recent data, the average home price in zip code 11362 decreased to $665,724 in 2023 and further to $644,353 in 2024. This represents a significant drop of 9% from the 2022 average price. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with the still-high home prices, may continue to put pressure on homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11362 may continue to experience some downward pressure in the short term due to high interest rates. However, given the area's desirability and historical price resilience, we expect prices to stabilize and potentially begin to rise again within the next 2-3 years. For rent prices, the trend suggests continued increases, albeit at a potentially slower rate than seen in recent years. We project average rent could reach around $2,600-$2,800 by 2029.
In summary, zip code 11362 has experienced a gradual shift from a predominantly owner-occupied area to one with an increasing renter population. This change has occurred alongside significant increases in both average home prices and rent prices. The interplay between federal interest rates, housing affordability, and changing demographics has shaped these trends. As we look to the future, the area is likely to continue evolving, with potential stabilization in home prices and ongoing increases in rent prices shaping the housing landscape of this Queens neighborhood.
