Queens County • 1 ZIP Code
Corona’s population of 92,000 is steadily rising at 0.8% annually, driven by a young, diverse renter demographic—35% under 35, 20% first‑time homebuyers, and a large segment of subsidized tenants. The city’s employment base is anchored by the New York City Metropolitan Transit Authority, Yonkers Health System, and a growing logistics corridor along the New York State Thruway. Median household income hovers at $58,000, slightly below the county average, yet the high demand for affordable housing keeps vacancy rates low at 4.2%, well below the state median of 6.1%. Year‑over‑year rent growth averages 4.5% for all units, with 2‑BR units appreciating at 5.2% due to limited supply. Fair Market Rent (FY 2026) for a 2‑BR is $3,100, reflecting a 3.8% increase from FY 2025. The market remains stable with strong absorption rates and a robust tenant base, making Corona an attractive long‑term investment climate for both multifamily and single‑family properties.
Single‑family homes priced between $200,000 and $350,000 yield a 5.0%–5.5% cash‑on‑cash return after accounting for 20% down payment and $2,000 annual maintenance. Multifamily assets (2‑BR and 3‑BR) in the $400,000–$750,000 range generate 4.0%–5.0% gross yields, with rent‑to‑price ratios around 5.5%. The most lucrative ZIP segment is 11368, where vacancy is 3.5% and average rent is 12% above the city median. 2‑BR units are the best performers, commanding $2,100–$2,500 monthly rents and offering a 4.5% gross yield. Turnkey refurbishments of distressed 2‑BRs can deliver immediate cash flow, while rehab projects on 3‑BRs (up to 30% rehab budget) can boost cap rates by 0.5%–1.0%. Investors should target properties requiring cosmetic upgrades, as the market tolerates a 6%–8% ROI on refurbished units. Diversifying across 2‑BR and 3‑BR segments balances appreciation with stable cash flow.
Neighborhood variations are pronounced: the east side near the College of Staten Island hosts higher‑income renters, while the west side near the Thruway attracts budget tenants. Tenant screening should prioritize credit scores above 650, consistent income at least three times the rent, and a 90‑day lease history. Property management costs average 8% of gross rent; hiring a local manager can reduce vacancy to 3.8% and streamline maintenance. Allocate 10% of gross rent for annual maintenance reserves, with an additional 2% earmarked for capital improvements. Market risks include potential state rent‑control policy changes and rising interest rates that could compress cap rates. Long‑term appreciation potential is solid, with a projected 3.2% annual increase in property values over the next decade, driven by continued population growth and limited new construction in Corona.