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Zip Code 11365: 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 11365, located in Queens, New York, has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and a relatively stable balance between owners and renters.
The homeownership rate in zip code 11365 has remained relatively stable, fluctuating between 49% and 52% from 2013 to 2022. In 2013, the homeownership rate was 49%, and by 2022, it had slightly increased to 52%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $594,893, and by 2022, it had risen to $956,747, representing a 60.8% increase over nine years. This trend suggests that despite rising home prices, the area maintained a consistent level of homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 11365. For instance, in 2013, when interest rates were at 0.11%, the homeownership rate was 49%. As interest rates remained low, hovering around 0.1% to 0.4% between 2013 and 2016, the homeownership rate increased slightly to 52% by 2016. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 11365 have also remained relatively stable, ranging from 47% to 51% between 2013 and 2022. In 2013, the renter percentage was 50%, and by 2022, it had slightly decreased to 48%. Average rent prices in the area have shown some fluctuation but overall maintained an upward trend. In 2013, the average rent was $1,693, and by 2022, it had decreased slightly to $1,617. However, it's worth noting that rent prices peaked at $1,748 in 2021 before declining in 2022. The population in the zip code increased from 40,658 in 2013 to 44,617 in 2022, which may have contributed to the overall stability in the rental market despite some price fluctuations.
Looking at the most recent data, the average home price in zip code 11365 for 2023 was $941,213, showing a slight decrease from 2022. In 2024, the average home price further decreased to $938,390. This recent decline in home prices 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 cooling of home prices in the area.
Based on the historical trends and recent data, we can make some predictions for the next five years. Average home prices in zip code 11365 may continue to experience a slight decline or stabilization in the short term due to the current high interest rates. However, given the area's long-term appreciation trend, prices could potentially resume an upward trajectory once interest rates stabilize or decrease. Average rent prices may see modest increases, potentially returning to or surpassing the 2021 peak of $1,748, driven by the area's growing population and the balance between owners and renters.
In summary, zip code 11365 has demonstrated resilience in maintaining a balance between homeowners and renters despite significant increases in property values over the past decade. The area has seen substantial appreciation in home prices, with some recent cooling influenced by rising interest rates. The rental market has remained relatively stable with some fluctuations in prices. Moving forward, the interplay between interest rates, population growth, and housing supply will likely continue to shape the real estate landscape in this Queens neighborhood.
