Loading Content...
Zip Code 11433: Rising Home Values and Ownership Trends in Queens, New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 11433, located in Queens, New York, has experienced significant changes in its housing market over the past decade. This area has seen a gradual increase in homeownership rates, coupled with substantial growth in average home prices and average rent prices.
The ownership percentage in zip code 11433 has shown a modest but consistent upward trend. In 2013, the homeownership rate stood at 41%. By 2022, it had increased to 43%, indicating a slow but steady shift towards homeownership. During this same period, average home prices in the area saw remarkable growth. In 2013, the average home price was $278,084, which more than doubled to $607,219 by 2022. This represents a staggering 118% increase in just nine years, suggesting a strong correlation between rising property values and the increasing appeal of homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 11433. From 2013 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. During this period, homeownership rates increased from 41% to 42%, likely influenced by the favorable borrowing conditions. As interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, albeit at a slower pace, reaching 43% in 2022. This suggests that despite rising interest rates, other factors such as the area's desirability and potential for property value appreciation continued to drive homeownership growth.
Renter percentages in zip code 11433 have shown a slight decline, mirroring the increase in homeownership. In 2013, 58% of residents were renters, which decreased to 57% by 2022. Despite this small decrease, average rent prices have risen significantly. In 2013, the average rent was $1,306, increasing to $1,373 by 2022, a 5.1% increase. This upward trend in rent prices, despite a decreasing percentage of renters, could be attributed to the overall increase in property values and the growing population in the area, which rose from 35,515 in 2013 to 42,330 in 2022.
In 2023 and 2024, the housing market in zip code 11433 continued to evolve. The average home price reached $612,839 in 2023 and further increased to $635,778 in 2024, representing a 3.7% year-over-year growth. This growth occurred despite significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand for housing in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to potentially reach around $700,000 by 2029, assuming a continuation of the current growth rate. Average rent prices could potentially increase to approximately $1,600 per month in the same timeframe, based on historical trends and accounting for factors such as inflation and local market conditions.
In summary, zip code 11433 has demonstrated a robust and growing housing market. The area has seen a gradual increase in homeownership rates, substantial growth in average home prices, and steady increases in average rent prices. Despite rising interest rates, the demand for housing in this Queens neighborhood remains strong, with both ownership and rental markets showing resilience and growth potential for the future.
