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Average Home Values and Ownership in Zip Code 08069: A Decade of Resilience in Carneys Point, New Jersey
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 08069, located in Carneys Point, New Jersey, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen fluctuations in both owner-occupied and renter-occupied housing, with average home prices and rent costs reflecting these changes.
The homeownership rate in zip code 08069 has shown some variability between 2013 and 2022. In 2013, the ownership rate stood at 57%, and after some fluctuations, it reached 58% in 2022. This slight increase in homeownership occurred alongside a significant rise in average home prices. In 2013, the average home price was $118,537, which steadily increased to $178,085 by 2022, representing a 50.2% increase over this period. This trend suggests that despite rising home prices, there was still a slight uptick in homeownership.
Federal interest rates have played a role in homeownership trends in the area. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 57%. As interest rates remained low through 2020 (0.38%), homeownership fluctuated but generally remained above 50%. The relationship between interest rates and homeownership is evident, as lower rates typically make mortgages more affordable, potentially encouraging home buying.
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Renter percentages and average rent prices in zip code 08069 have also shown interesting trends. The percentage of renters increased from 43% in 2013 to 47% in 2019, before decreasing to 42% in 2022. Average rent prices, however, didn't follow a consistent pattern. In 2013, the average rent was $1,104, which increased to $1,156 in 2018, but then decreased to $1,016 by 2022. This suggests that while the renter population initially grew, it later decreased, possibly due to the increasing homeownership rates.
Looking at the most recent data, average home prices in zip code 08069 continued to rise significantly in 2023 and 2024. The average home price reached $196,089 in 2023 and further increased to $209,165 in 2024. This represents a substantial 17.5% increase from 2022 to 2024. Interestingly, this rapid price growth occurred despite a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, potentially driven by factors beyond just interest rates.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 08069 to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach around $240,000 to $250,000 by 2029. For rent prices, the trend is less clear due to recent fluctuations, but a moderate increase to around $1,100 to $1,200 per month on average by 2029 is possible, assuming economic conditions remain stable.
In summary, zip code 08069 has experienced a slight increase in homeownership rates despite significant growth in average home prices. The area has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. While renter percentages have fluctuated, they've generally remained between 42% and 47% over the past decade. The coming years are likely to see further increases in both home prices and rent costs, reflecting the ongoing demand for housing in this New Jersey community.
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