Average Home Values and Ownership in Zip Code 07604: A Resilient Housing Market in Hasbrouck Heights, NJ
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Hasbrouck Heights, located in zip code 07604 in New Jersey, is a small but densely populated area covering just 1.45 square miles. This compact community has experienced interesting shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Hasbrouck Heights has shown notable fluctuations between 2013 and 2022. Starting at 67% in 2013, it dipped to its lowest point of 63% in 2017 before rebounding to reach a peak of 71% in 2022. This overall increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $377,199, which steadily increased to $595,835 by 2022, representing a substantial 58% growth over this period.
The relationship between federal interest rates and homeownership rates in Hasbrouck Heights reflects typical market behavior. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates stayed relatively stable around 66-67%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a brief dip in homeownership to 63% in 2017. Interestingly, despite rising interest rates, homeownership rebounded and continued to increase, reaching 71% by 2022 when the federal interest rate was 1.68%.
Regarding rental trends, the percentage of renters in Hasbrouck Heights has generally moved inversely to homeownership rates. In 2013, renters made up 32% of the population, peaking at 37% in 2017 before declining to 29% by 2022. Average rent prices have shown an overall upward trend, increasing from $1,408 in 2013 to $1,520 in 2022, a 7.9% increase. It's worth noting that despite the decrease in the renter population percentage, rent prices continued to rise, possibly due to increased demand for the limited rental properties available or improvements in rental quality.
Looking at the most recent data for 2023 and 2024, we see a continuation of the upward trend in average home prices. In 2023, the average home price in Hasbrouck Heights reached $610,433, and by 2024 it further increased to $639,722. This represents a 4.8% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates observed in the dataset since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hasbrouck Heights will continue to rise, albeit potentially at a slower rate due to the higher interest rates. By 2029, average home prices could reach approximately $750,000 to $800,000, assuming a conservative annual growth rate of 3-4%. For rent prices, we project a continued steady increase, potentially reaching an average of $1,700 to $1,800 per month by 2029, based on historical trends and accounting for inflation and housing demand.
In summary, Hasbrouck Heights has experienced a significant increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The rental market has seen a decrease in the percentage of renters but an increase in average rent prices. With the recent spike in interest rates and continued growth in home prices, the housing market in this zip code demonstrates resilience and ongoing demand, likely driven by its desirable location and limited housing supply within its compact area.
