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Zip Code 11411: Rising Home Values and Strong 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 11411, located in Queens, New York, is a predominantly residential area characterized by a high rate of homeownership and steadily increasing property values. Over the past decade, this neighborhood has experienced significant changes in its housing market dynamics, reflecting broader economic trends and local development patterns.
The ownership percentage in zip code 11411 has shown a consistent upward trend, rising from 81% in 2013 to 86% in 2022. This increase in homeownership coincided with a substantial appreciation in average home prices. In 2013, the average home price was $352,542, which steadily climbed to $654,206 by 2022, representing an impressive 85.6% increase over nine years. This strong correlation between rising homeownership rates and increasing home values suggests a growing demand for property ownership in the area, possibly driven by the neighborhood's desirability and investment potential.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 11411. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial surge in homeownership from 81% to 85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate stabilized at 86%, indicating that the market had reached a saturation point or that higher borrowing costs were beginning to impact affordability for potential new homeowners.
Renter percentages in zip code 11411 have correspondingly decreased from 19% in 2013 to 14% in 2022, mirroring the rise in homeownership. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,442 in 2013 to $1,523 in 2022, peaking at $1,697 in 2019. This trend suggests that while fewer units are available for rent, the demand for rental properties remains strong, possibly due to the area's attractiveness or limited affordable housing options for those unable to purchase homes.
Looking at the most recent data, the average home price in zip code 11411 slightly decreased from $654,206 in 2022 to $650,640 in 2023, and further to $649,617 in 2024. This minor downturn coincides with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be cooling the housing market slightly, making mortgages more expensive and potentially slowing home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 11411 will continue to appreciate, albeit at a more moderate pace. The recent stabilization in prices suggests a potential leveling off, but the area's high homeownership rate and historical price growth indicate continued demand. Average rent prices are expected to maintain their upward trajectory, driven by the limited supply of rental units and the area's desirability.
In summary, zip code 11411 has experienced a significant shift towards homeownership, accompanied by substantial increases in property values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates initially fueling homeownership growth. Despite a recent slight cooling in the housing market, the area's strong fundamentals suggest continued stability and moderate growth in both home values and rental prices in the coming years.
