Average Home Values and Ownership in Zip Code 08321: Fortescue's Coastal Real Estate Boom
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Property Value
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Percent Owner Occupied
Housing Prices
Median Rent
Population
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Fortescue, located in zip code 08321 in New Jersey, is a small coastal community with a unique demographic profile. This area has seen fluctuating homeownership rates and average home prices over the past decade, with a general trend towards increased homeownership and rising property values in recent years.
The homeownership rate in Fortescue has shown a significant increase from 71% in 2018 to 100% in 2022. This substantial rise in homeownership coincides with a notable increase in average home prices. In 2018, the average home price was $101,505, which rose to $153,832 by 2022, representing a 51.6% increase over four years. This trend suggests a strong correlation between rising property values and increased homeownership in the area.
Federal interest rates have played a role in shaping homeownership trends in Fortescue. In 2020, when interest rates dropped to 0.38%, the homeownership rate increased from 71% to 88%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. As interest rates began to rise in 2022 to 1.68%, the homeownership rate in Fortescue continued to increase, reaching 100%, indicating strong local factors influencing homeownership beyond just interest rates.
Renter percentages and average rent prices in Fortescue have shown an inverse relationship to homeownership trends. As homeownership increased, the percentage of renters decreased from 29% in 2018 to 0% in 2022. However, despite the decrease in renters, average rent prices have shown an upward trend. In 2018, the average rent was $959, which increased to $1,234 by 2022, a 28.7% increase. This rise in rent prices, despite a declining renter population, could be attributed to the overall increase in property values in the area.
Looking at the most recent data, the average home price in Fortescue reached $174,863 in 2023 and further increased to $176,492 in 2024. This represents a 14.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Fortescue has continued to show strength, with home prices maintaining an upward trajectory.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Fortescue will continue to rise, albeit at a more moderate pace. Based on the historical data and current market conditions, we project average home prices could reach approximately $200,000 by 2029. Rent prices are also expected to increase, potentially reaching around $1,500 per month in the same timeframe.
In summary, Fortescue has experienced a significant shift towards homeownership, with property values showing substantial appreciation. The area has demonstrated resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. These trends suggest a strong local real estate market with potential for continued growth in both home values and rental prices over the next five years.
