Loading Content...
Average Home Values and Ownership in Zip Code 07001: A Decade of Change in Avenel, New Jersey
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 07001, located in Avenel, New Jersey, has experienced notable shifts in homeownership rates and housing costs over the past decade. This area has seen fluctuations in both owner-occupied and renter-occupied housing, alongside significant changes in average home prices and average rent values. The homeownership rate in zip code 07001 has shown a slight overall decline from 2013 to 2022, with some fluctuations. In 2013, the owner-occupied percentage was 49%, which decreased to 48% by 2022. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $240,030, which rose to $404,106 by 2022, marking a 68.4% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained low (below 0.5%), coinciding with a period of relative stability in homeownership rates around 47-49%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership, reaching 46% in 2019. However, when interest rates dropped dramatically in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 51% in 2021, before settling at 48% in 2022 as rates began to climb again.
The renter percentage in zip code 07001 has shown an overall increase from 47% in 2013 to 52% in 2022. This trend correlates with rising average rent prices. In 2013, the average rent was $1,209, which increased to $1,353 by 2022, representing a 11.9% rise. The population of the area grew from 16,615 in 2013 to 17,425 in 2022, potentially contributing to increased demand for rental properties.
Looking at more recent data, the average home price in zip code 07001 continued its upward trajectory, reaching $429,799 in 2023 and $455,851 in 2024. This represents a 12.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 07001 will continue to rise, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 07001 has experienced a slight shift towards renting over homeownership in the past decade, accompanied by substantial increases in both average home prices and average rent values. The area has shown resilience in its housing market, with consistent growth in property values despite fluctuations in interest rates and economic conditions. The recent surge in home prices and interest rates suggests a dynamic and potentially challenging housing market for both buyers and renters in the coming years.
