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Zip Code 11417: Rising 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 11417, situated in Queens, New York, has witnessed significant changes in homeownership rates and housing prices over the past decade. This area has experienced a general trend of increasing homeownership and rising average home prices, with some fluctuations in recent years. The ownership percentage in ZIP code 11417 has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate was 55%, and it steadily rose to reach 62% by 2019. This upward trend coincided with a substantial increase in average home prices. In 2013, the average home price was $362,633, and it grew consistently year over year, reaching $668,108 by 2022. This represents an impressive 84% increase in average home prices over this period. The peak homeownership rate of 62% was observed in both 2019 and 2021, corresponding with average home prices of $572,914 and $629,522, respectively.
Federal interest rates have played a role in homeownership trends in ZIP code 11417. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership increased from 55% to 57%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership continued to increase, reaching 62% in 2019. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership rates in this area than interest rates alone.
Renter percentages in ZIP code 11417 have generally decreased as homeownership rates have risen. In 2013, 45% of residents were renters, and this percentage declined to 38% by 2019. Average rent prices, however, have shown a consistent upward trend. In 2013, the average rent was $1,404, and it increased to $1,627 by 2022, representing a 15.9% rise over this period. The population in the ZIP code has fluctuated, with 29,172 residents in 2013, peaking at 32,235 in 2021, and settling at 30,336 in 2022. These population changes may have influenced the demand for rental properties and contributed to the rising average rent prices.
In 2023 and 2024, the average home prices in ZIP code 11417 continued to rise, albeit at a slower pace. The average home price reached $677,708 in 2023 and further increased to $685,476 in 2024. This represents a 1.4% increase from 2022 to 2023 and a 1.1% increase from 2023 to 2024. Interestingly, federal interest rates have also seen a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slower growth in average home prices.
Looking ahead, predictive models suggest that average home prices in ZIP code 11417 may continue to rise over the next five years, but at a more moderate pace compared to the rapid growth seen in the past decade. Average rent prices are also expected to increase, potentially driven by ongoing demand for rental properties in the area. However, the rate of increase for both home prices and rents may be tempered by factors such as higher interest rates and potential economic fluctuations.
In summary, ZIP code 11417 has experienced a significant increase in homeownership rates and average home prices from 2013 to 2022. The area has seen a corresponding decrease in the percentage of renters, although average rent prices have continued to rise. Recent data from 2023 and 2024 indicate a slowing of home price growth, possibly influenced by rising interest rates. The future outlook suggests continued but more moderate growth in both average home prices and rent prices over the next five years.
