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Average Home Values and Ownership in Zip Code 08031: Bellmawr's Shifting Housing Landscape
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
Bellmawr, located in zip code 08031 in New Jersey, has experienced notable shifts in homeownership rates, average home prices, and average rent prices over the past decade. This analysis will explore these trends and their interrelationships.
The homeownership rate in Bellmawr has shown a general decline from 2013 to 2022. In 2013, 69% of housing units were owner-occupied, but by 2022, this figure had decreased to 62%. Conversely, the average home prices in the area have demonstrated a significant upward trend. In 2013, the average home price was $150,191, and by 2022, it had risen to $243,571, representing a 62% increase over this period.
The relationship between federal interest rates and homeownership rates in Bellmawr appears to follow the expected trend. As interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates initially remained stable but then began to decline. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership rates than the low interest rates during this period.
Renter percentages in Bellmawr have increased from 31% in 2013 to 38% in 2022, mirroring the decline in homeownership. Average rent prices have fluctuated over this period, with notable changes. In 2013, the average rent was $1,034, which decreased to $864 in 2016 before rising again to $889 in 2022. The population of Bellmawr has remained relatively stable, increasing slightly from 11,608 in 2013 to 11,791 in 2022, which may have contributed to the overall stability in rental demand.
Looking at the most recent data, the average home price in Bellmawr continued its upward trajectory, reaching $263,145 in 2023 and $281,976 in 2024. This represents a 15.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $320,000 to $340,000 by 2029. Average rent prices may also continue to rise, possibly reaching $1,300 to $1,400 per month by 2029, assuming current trends persist.
In summary, Bellmawr has experienced a decline in homeownership rates despite rising average home prices over the past decade. The rental market has seen an increase in the percentage of renters, with fluctuating but generally increasing average rent prices. The recent sharp rise in interest rates, combined with consistently increasing home prices, may continue to influence the balance between homeownership and renting in the coming years.
