11375, Forest Hills, NY

Forest Hills, NY is a highly affluent suburb of New York City. Home prices in the 11375 zip code are among the highest in the city, and home equity is among the highest in the country. The 11375 zip code has one of the highest percentages of homeowners with home equity among all zip codes in New York City.

The 11375 zip code has a population of about 107,000 people. According to Zillow, as of January 2019, median home value was $2,851,000 and median rent was $4,950/month. As of May 2019, there were 97 active listings for homes in this zip code and an average list price was $3,964,500. The percentage of homes sold within three months was 89%.

As mentioned earlier, Forest Hills home values are high relative to other areas in New York City. In fact according to NeighborhoodScout’s analysis of data from 2017 (the most recent year for which data is available), Forest Hills had one of the highest percentages (14%) of homeowners with home equity among all neighborhoods in New York City. This percentage is much higher than any other neighborhood surveyed by NeighborhoodScout and it’s also significantly higher than the citywide average (7%).

One reason why Forest Hills may have such high levels of homeownership with respect to home equity is that Forest Hills residents are more likely than residents elsewhere in New York City to own their homes outright rather than through a mortgage or rental agreement. As noted by Zillow: “In 2017 [for] which data is available … nearly two-thirds (64%)of Forest Hills residents owned their homes outright … compared to just over half (53%)of NYC metro area residents overall” . This tendency towards ownership may be due in part to Forest Hills’ strong economy – as noted by Forbes: “Since 2000 … [ Forest Hills] has seen its GDP grow at an annual rate above 2%, compared with 1% or less for most parts of Manhattan” . Additionally, many Forest Hill residents may be able to afford a larger down payment relative to other areas in New York City because they earn relatively high incomes – as indicated by Zillow: “In 2017 [for] which data is available … nearly half (47%)of households earning over $200K annually lived here…compared with just under 30%of NYC metro area households overall” . Finally, many affluent families choose to live near each other – another factor that could contribute towards high levels of homeownership with respect to home equity within certain neighborhoods like Forest Hills.