11366, Fresh Meadows, NY

Fresh Meadows, New York is located in the 11366 zip code. The median home value in this zip code is $1,527,000. The average home value in this zip code has increased by 10% over the past year. In addition, the median home equity in this zip code is $269,000. This indicates that homeowners have a considerable amount of equity in their homes.

Homeownership rates are high in Fresh Meadows and throughout Queens County. In 2016, 78% of households were owner-occupied compared to the national average of 63%. Additionally, Queens County has one of the highest rates of homeownership among all counties in New York State. This high rate of homeownership is likely due to strong demand for housing and low levels of unemployment and poverty.

The increase in home values may be due to several factors including low interest rates and increasing demand for housing stock from both buyers and investors. Low interest rates are beneficial to borrowers because they make it more affordable to purchase a home or refinance an existing mortgage. Additionally, increasing demand for housing stock can be attributed to several factors including population growth, increased wages, and limited availability of affordable housing options.

While homeownership rates are high in Fresh Meadows and throughout Queens County, there are some areas where renters make up a larger percentage of the population than owners. For example, within the ZIP Code 11366 there are neighborhoods where renters account for more than 50% of the population! This indicates that there is a significant need for more affordable rental options available throughout the area. In addition, efforts must be made to encourage more homeowners to take on additional debt (e.g., refinancing) so that they can increase their equity in their homes even further