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Zip Code 11378: Rising Home Values and Stable Ownership 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 11378, located in Queens, New York, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a dynamic real estate market with notable fluctuations in ownership and rental trends. The homeownership rate in zip code 11378 has remained relatively stable, hovering around 52% from 2013 to 2022. However, there have been subtle fluctuations within this period. In 2013, the ownership rate was 53%, dipping slightly to 51% in 2016, before rising back to 54% in 2020, and settling at 51% in 2022. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $439,314, which increased substantially to $801,654 by 2022, representing an impressive 82.5% growth over this period.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates remained relatively stable. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight increase in homeownership, possibly due to buyers rushing to secure mortgages before rates climbed further. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a peak in homeownership at 54% in 2020.
Renter percentages have mirrored the homeownership trends, fluctuating between 46% and 49% from 2013 to 2022. The average rent prices have shown a steady increase over this period. In 2013, the average rent was $1,445, which rose to $1,730 by 2022, a 19.7% increase. This increase in rent prices occurred alongside population growth, from 33,333 in 2013 to 39,988 in 2022, suggesting increased demand for rental properties in the area.
As of 2024, the average home price in zip code 11378 stands at $808,905, showing a slight increase from the 2023 value of $801,816. This indicates a continued, albeit slower, upward trend in home prices. The federal interest rate for 2024 is 5.33%, a significant increase from previous years, which may impact future homeownership rates and housing market dynamics.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices. For home prices, if the current trajectory continues, we might see average prices reaching around $900,000 by 2029. However, the high interest rates could potentially slow this growth. For rent prices, assuming the trend of the past decade continues, we could expect average rents to approach $2,000 by 2029.
In summary, zip code 11378 has demonstrated a resilient real estate market with steadily increasing home values and rent prices. The area has maintained a relatively balanced mix of owners and renters, with slight fluctuations responding to economic factors such as interest rates. The significant population growth and consistent increase in property values suggest a desirable location with potential for continued appreciation, although future trends may be moderated by higher interest rates and economic conditions.
