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Average Home Values and Ownership in Zip Code 08059: Mount Ephraim'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
Mount Ephraim, located in zip code 08059 in New Jersey, has experienced significant shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, providing insights into the changing dynamics of the local real estate landscape.
The homeownership rate in Mount Ephraim has seen a notable decline from 2013 to 2022. In 2013, 83% of residents were homeowners, but by 2022, this figure had dropped to 65%. This decrease in homeownership coincided with a general upward trend in average home prices. The average home price in the area rose from $141,070 in 2013 to $235,396 in 2022, representing a substantial increase of 66.9% over this period.
The relationship between federal interest rates and homeownership rates in Mount Ephraim follows a generally expected pattern. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 0.4%, the homeownership rate still declined. This suggests that other factors, such as rising home prices, may have outweighed the potential benefits of low interest rates for prospective homebuyers in this area.
As homeownership rates decreased, the percentage of renters in Mount Ephraim increased from 17% in 2013 to 35% in 2022. This shift corresponded with a rise in average rent prices. The average rent increased from $838 in 2013 to $1,180 in 2022, a 40.8% increase. The population during this period remained relatively stable, fluctuating between 5,827 and 6,062 residents, suggesting that the increase in renters and rent prices was not primarily driven by population growth.
In 2023 and 2024, the housing market in Mount Ephraim continued to evolve. The average home price reached $259,431 in 2023 and further increased to $280,269 in 2024, representing a 19.1% rise over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying affordability and could potentially influence future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in Mount Ephraim may continue to rise over the next five years, potentially reaching around $320,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections assume a continuation of current trends and do not account for potential economic shifts or policy changes that could alter the housing market dynamics.
In summary, Mount Ephraim has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in both average home prices and average rent prices. The recent spike in interest rates, combined with rising property values, may continue to shape the local housing market in the coming years, potentially affecting affordability and homeownership rates.
