The renter population in zip code 11368 has consistently represented the majority, ranging from 78% to 80% of the total population between 2013 and 2022. Average rent prices have shown a steady upward trend during this period. In 2013, the average rent was $1,508, which increased to $1,687 by 2022, marking an 11.9% rise over nine years. This increase in rent prices, while significant, was less dramatic than the surge in home prices. The high renter percentage coupled with rising rents suggests a strong demand for rental properties in the area, possibly driven by the zip code's growing population, which increased from 107,187 in 2013 to 111,786 in 2022.

Looking at more recent data, the average home price in zip code 11368 decreased to $467,497 in 2023 and further to $450,532 in 2024. This represents a significant drop of 11.7% from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially contributing to the cooling of the housing market in this area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11368 may continue to experience some volatility but could stabilize or show modest growth as the market adjusts to higher interest rates. Average rent prices are expected to continue their upward trajectory, albeit at a more moderate pace, driven by the area's consistently high renter population and limited housing supply.

In summary, zip code 11368 has demonstrated resilience in its housing market over the past decade, with substantial appreciation in home values despite a relatively stable homeownership rate. The area's high renter population and steadily increasing rent prices indicate a robust rental market. Recent data showing a decrease in home prices coupled with rising interest rates suggests a potential market correction, which may present new opportunities and challenges for both homeowners and renters in this Queens neighborhood.