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Morgan Village: Rising Home Values and Ownership Rates in Camden
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
Morgan Village, a neighborhood in Camden, New Jersey, has experienced significant changes in homeownership rates and housing prices over the past decade. These shifts reflect broader economic trends and local market dynamics. From 2013 to 2022, homeownership rates in Morgan Village increased substantially, rising from 28% to 42%. This upward trend coincided with fluctuations in average home prices, which grew from $36,832 in 2013 to $84,342 in 2022, representing a remarkable 129% increase over nine years.
The relationship between federal interest rates and homeownership rates in Morgan Village followed expected patterns. As interest rates remained low between 2013 and 2020, ranging from 0.09% to 0.38%, homeownership rates steadily increased from 28% to 44%. This trend aligns with the general principle that lower interest rates make mortgages more affordable, encouraging home purchases.
Renter percentages in Morgan Village inversely mirrored the homeownership trend, decreasing from 72% in 2013 to 58% in 2022. Average rent prices showed some volatility during this period, starting at $997 in 2013, peaking at $1,126 in 2014, and then fluctuating before settling at $1,048 in 2022. Despite the overall decrease in renter percentage, rent prices remained relatively stable, possibly due to the neighborhood's decreasing population, which fell from 2,911 in 2013 to 2,578 in 2022.
In 2023 and 2024, Morgan Village experienced a significant surge in average home prices. The average home price in 2023 reached $102,484, a 21.5% increase from 2022. This upward trend continued into 2024, with average home prices soaring to $125,839, representing a further 22.8% increase. Notably, these price increases occurred despite a sharp rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Morgan Village may continue to rise over the next five years, potentially reaching around $175,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Morgan Village has witnessed a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has shown resilience in its housing market, with recent years marking substantial growth in property values. While renter percentages have decreased, rent prices have remained relatively stable. The coming years may see continued growth in both home prices and rent, reflecting the neighborhood's evolving real estate landscape.
