Loading Content...
Average Home Values and Ownership in Zip Code 07631: Englewood's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Englewood, New Jersey, zip code 07631, is a diverse urban community located in Bergen County. Over the past decade, this area has experienced notable shifts in homeownership rates and housing market dynamics. The ownership percentage has shown slight fluctuations, while average home prices and average rent prices have generally followed an upward trajectory.
The homeownership rate in zip code 07631 has remained relatively stable, with minor variations between 51% and 55% from 2013 to 2022. In 2013, the ownership rate was 53%, which increased slightly to 55% by 2022. During this same period, average home prices in the area saw significant growth. In 2013, the average home price was $335,386, which steadily increased to $515,022 by 2022, representing a 53.6% increase over nine years. This trend suggests that despite rising home prices, the community has maintained a relatively consistent level of homeownership.
Federal interest rates have played a role in homeownership trends in zip code 07631. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), the homeownership rate fluctuated between 51% and 53%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate actually increased slightly, reaching 55% in 2019. This trend suggests that other local factors may have had a stronger influence on homeownership than interest rates alone in this particular zip code.
Renter percentages in zip code 07631 have mirrored the homeownership rates, ranging from 45% to 49% between 2013 and 2022. The average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,584, which increased to $1,756 by 2022, representing a 10.9% increase over nine years. Notably, there was a significant jump in average rent from $1,517 in 2017 to $1,634 in 2018, a 7.7% increase in a single year. The population of the zip code has also grown during this period, from 27,254 in 2013 to 29,007 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023 and 2024, the housing market in zip code 07631 continued to experience growth. The average home price in 2023 reached $541,995, a 5.2% increase from 2022. In 2024, the average home price further increased to $565,890, representing a 4.4% growth from the previous year. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 07631 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and housing demand. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, zip code 07631 has maintained a relatively stable homeownership rate despite significant increases in average home prices over the past decade. The rental market has seen steady growth in both demand and prices, reflecting the area's population increase. As interest rates have risen sharply in recent years, it will be crucial to monitor how this affects homeownership rates and housing affordability in the coming years.
