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Average Home Values and Ownership in Zip Code 07067: Colonia's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Colonia, located in zip code 07067 in New Jersey, is a suburban community that has experienced notable changes in homeownership rates and housing prices over the past decade. The area has maintained a high rate of owner-occupied housing, with a slight increase in recent years, while average home prices and average rent have shown significant growth.
The homeownership rate in Colonia has remained relatively stable, with a slight increase from 88% in 2013 to 89% in 2022. During this period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $315,240, which increased to $499,807 by 2022, representing a substantial growth of 58.5% over nine years. This trend suggests a strong correlation between the steady homeownership rates and rising property values in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.40%, which coincided with the period of stable homeownership rates in Colonia. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate in the area remained constant at 88%. This stability in homeownership despite rising interest rates may indicate other factors contributing to the area's attractiveness for homeowners.
The percentage of renters in Colonia has shown a slight increase from 8% in 2013 to 11% in 2022. Correspondingly, average rent prices have risen significantly during this period. In 2013, the average rent was $1,430, which increased to $1,861 by 2022, marking a 30.1% increase. This trend suggests that despite the rising costs, there has been a growing demand for rental properties in the area, possibly due to factors such as job market changes or demographic shifts.
In 2023 and 2024, the housing market in Colonia continued its upward trajectory. The average home price reached $534,177 in 2023 and further increased to $566,514 in 2024, representing a 6.9% and 6.1% year-over-year increase, respectively. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand in the local housing market.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Colonia will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by the consistent demand for rental properties in the area and the overall appreciation of real estate values.
In summary, Colonia (07067) has demonstrated a resilient housing market characterized by high homeownership rates, steadily increasing average home prices, and rising average rent costs. The area has maintained its appeal to homeowners despite fluctuations in interest rates, while also experiencing growth in its rental market. These trends suggest a strong and dynamic real estate environment in Colonia, with potential for continued growth in both home values and rental rates in the coming years.
