Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 2,405,464 people, 807,468 houses or apartments, and a median cost of homes of $754,159, Queens house prices are not only among the most expensive in New York, Queens real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in Queens, accounting for 41.34% of the borough's housing units. Other types of housing that are prevalent in Queens include duplexes, homes converted to apartments or other small apartment buildings ( 30.33%), single-family detached homes ( 19.07%), and a few row houses and other attached homes ( 9.02%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.
People in Queens primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Queens has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Queens's housing was primarily built during this period, from the '40s through the '60s. A full 48.59% of the borough's housing hails from this era. Other housing ages represented in Queens include homes built before 1939 ( 30.91%) and housing constructed between 1970-1999 ( 12.78%). There's also some housing in Queens built between 2000 and later ( 7.72%).
Appreciation rates for homes in Queens have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 83.35%, which ranks in the top 50% nationwide. This equates to an annual average Queens house appreciation rate of 6.25%.
Over the last year, Queens appreciation rates have trailed the rest of the nation. In the last twelve months, Queens's appreciation rate has been 0.48%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Queens were at 2.59%, which equates to an annual appreciation rate of 10.79%.
Relative to New York, our data show that Queens's latest annual appreciation rate is lower than 80% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Queens differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Queens - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Queens real estate investment or home purchase decisions.
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