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Average Home Values and Ownership in Zip Code 08332: Millville's Resilient Housing Market
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
Zip code 08332, located in Millville, New Jersey, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, covering 151.76 square miles, has seen fluctuations in its population and housing market dynamics.
The homeownership rate in zip code 08332 has shown a slight overall increase from 2013 to 2022, with some fluctuations in between. In 2013, the homeownership rate was 68%, and by 2022, it had increased marginally to 69%. During this period, average home prices in the area have seen substantial growth. In 2013, the average home price was $135,959, which steadily increased to $203,633 by 2022, representing a 49.8% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 08332 remained stable at around 66-68%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 65% in 2017, but it rebounded to 68% by 2019. The dramatic drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with an increase in homeownership to 70% in 2020, the highest in the observed period.
The rental market in zip code 08332 has shown interesting trends as well. The percentage of renters increased from 30% in 2013 to 33% in 2017, before declining back to 31% by 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $944, which peaked at $1,114 in 2018, before declining to $1,079 in 2022. This represents a 14.3% increase in average rent from 2013 to 2022, despite some fluctuations. The population of the area decreased from 42,162 in 2013 to 39,291 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 08332 continued to show strong growth. The average home price reached $217,763 in 2023 and further increased to $229,999 in 2024, representing a 13% increase over two years. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 08332 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $275,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, potentially reaching approximately $1,250 by 2029, assuming economic conditions remain stable and population trends continue.
In summary, zip code 08332 has demonstrated resilience in its housing market, with increasing homeownership rates and substantial growth in average home prices despite population decline. The interplay between federal interest rates, homeownership, and rental markets has been evident, with low-interest periods generally favoring increased homeownership. The recent surge in home prices, even in the face of rising interest rates, suggests a strong demand for housing in this area, which is likely to continue in the near future.
