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Average Home Values in Zip Code 08757 Reach $317,891 Amidst Shifting Ownership Trends
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
Holiday Heights, located in zip code 08757 in New Jersey, has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This analysis will explore these trends and their relationships. The homeownership rate in Holiday Heights has shown a gradual decline from 2013 to 2021, with a slight rebound in 2022. In 2013, the homeownership rate stood at 90%, decreasing to 85% by 2021, before increasing to 87% in 2022. During this same period, average home prices in the area have seen substantial growth. In 2013, the average home price was $149,837, which steadily increased to $297,708 by 2022, representing a 98.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Holiday Heights shows some correlation. As interest rates remained low between 2013 and 2020 (ranging from 0.09% to 0.38%), homeownership rates gradually declined. However, when interest rates rose to 1.68% in 2022, there was a slight increase in homeownership from 85% to 87%. This suggests that other local factors may have a more significant influence on homeownership rates in this area than national interest rates alone.
Renter percentages in Holiday Heights have shown an inverse relationship to homeownership rates, increasing from 10% in 2013 to 15% in 2021, before decreasing to 13% in 2022. Average rent prices have also risen during this period, from $1,443 in 2013 to $1,603 in 2022, an increase of 11.1%. The population of the area has fluctuated, with 31,267 residents in 2013, reaching a low of 31,021 in 2020, and then growing to 32,446 by 2022. This population growth may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023, the average home price in Holiday Heights reached $306,567, and in 2024, it further increased to $317,891. This represents a continued upward trend in home values. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Holiday Heights to continue their upward trajectory, potentially reaching around $375,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,800 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Holiday Heights has experienced a gradual shift in housing dynamics over the past decade. While homeownership rates have slightly declined overall, they showed a recent uptick. Average home prices have nearly doubled, and rent prices have steadily increased. The area has also seen recent population growth, which may continue to influence housing demand and prices in the coming years. The interplay between these factors will likely shape the future of the local real estate market in zip code 08757.
