Renter occupancy in Bergenfield has fluctuated slightly, ranging from 31% to 33% between 2013 and 2022. Average rent prices have shown volatility during this period, with notable increases and decreases. For instance, average rent rose from $1,525 in 2016 to $1,830 in 2019, a 20% increase in just three years. However, it subsequently decreased to $1,652 by 2022. These fluctuations in rent prices, coupled with the relatively stable renter population, suggest a dynamic rental market responding to various economic factors and housing demand.

In 2023 and 2024, Bergenfield's housing market continued its upward trajectory. Average home prices reached $536,273 in 2023 and further increased to $571,010 in 2024, representing an 11.5% growth over two years. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand and potentially limited housing supply driving price growth.

Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $660,000 by 2029. Average rent prices are expected to grow at a slightly slower pace, potentially reaching $1,900-$2,000 per month by 2029, assuming consistent economic conditions and housing policies.

In summary, Bergenfield has demonstrated a resilient housing market characterized by stable homeownership rates, steadily increasing home values, and a fluctuating but generally upward-trending rental market. The city's ability to maintain high homeownership rates despite rising prices and increasing interest rates suggests strong local economic fundamentals and continued attractiveness to residents. As the community moves forward, balancing housing affordability with market growth will likely be a key consideration for local policymakers and residents alike.