Glen Afton & Island, a neighborhood in Trenton, New Jersey, has experienced significant changes in its housing market over the past decade. This area has seen fluctuating homeownership rates and a consistent increase in property values, reflecting broader economic shifts and local market conditions. Homeownership rates in Glen Afton & Island have shown notable variation, with an overall upward trend from 2013 to 2019, followed by a recent decline. In 2013, the homeownership rate was 59%, which gradually increased to a peak of 65% in 2019. However, this trend reversed in recent years, with ownership dropping to 58% in 2022. Concurrently, average home prices in the neighborhood have demonstrated a consistent upward trajectory. In 2013, the average home price was $121,703, which steadily rose to $227,546 by 2022, representing an impressive 87% increase over this period.

The relationship between federal interest rates and homeownership rates in Glen Afton & Island aligns with well-established economic principles. As interest rates remained historically low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership in the neighborhood increased from 59% to 63%. This trend continued even as interest rates began to rise moderately, with ownership reaching its peak of 65% in 2019 when the federal interest rate was 2.16%. However, the sharp increase in interest rates to 1.68% in 2022 coincided with a decline in homeownership to 58%, suggesting that higher borrowing costs may have impacted affordability and homebuying decisions.

Renter percentages in Glen Afton & Island have inversely mirrored homeownership trends, decreasing from 41% in 2013 to 35% in 2019, before rising again to 42% in 2022. Interestingly, average rent prices have not consistently followed this pattern. In 2013, the average rent was $1,180, which remained relatively stable until 2017 when it dropped significantly to $764. This decline continued until 2019, with rent at $794, before rebounding to $1,085 in 2022. These fluctuations in rent prices may be influenced by factors such as local economic conditions, housing supply, and population changes, which saw a notable decrease from 4,152 residents in 2010 to 2,884 in 2022.