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Rising Home Values and Stable Ownership in Kendall Park, New Jersey
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
Kendall Park, located in New Jersey, is a vibrant community with a population of 10,255 as of 2022. This suburban area has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The city has maintained a high percentage of owner-occupied homes, with a slight downward trend in recent years, while average home prices have shown a consistent upward trajectory.
The homeownership rate in Kendall Park has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the owner-occupied rate was 86%, which peaked at 88% in 2019 before settling at 86% again in 2022. During this period, average home prices demonstrated a steady increase. In 2013, the average home price was $404,166, which rose to $604,528 by 2022, representing a substantial 49.6% increase over nine years. This trend suggests that despite rising home prices, Kendall Park has maintained a strong appeal for homeowners.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, corresponding with a period of stable homeownership rates around 86-87%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 88% in 2019, possibly indicating a rush to purchase homes before rates increased further. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 84% in 2021, potentially due to economic uncertainties during the pandemic.
Renter percentages in Kendall Park have shown a slight increase over the years, moving from 14% in 2013 to 16% in 2021, before returning to 14% in 2022. Average rent prices have also seen an upward trend, rising from $1,982 in 2013 to $2,338 in 2022, a 17.9% increase. This rise in rent prices, coupled with the growing population from 9,846 in 2013 to 10,255 in 2022, suggests an increasing demand for rental properties in the area.
Looking at the most recent data, average home prices in Kendall Park continued their upward trend, reaching $635,824 in 2023 and $670,649 in 2024. This represents a significant 10.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Kendall Park will continue to rise, potentially reaching around $800,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $2,700 per month within the next five years, following the established trend of steady growth.
In summary, Kendall Park has maintained a high rate of homeownership despite rising home prices, indicating a strong desire for property ownership in the area. The community has experienced consistent growth in both home values and rental prices, reflecting its desirability as a residential location. The interplay between federal interest rates, homeownership rates, and housing prices suggests that while external economic factors influence the market, local demand remains robust. As the community continues to evolve, it is likely to see further increases in property values and rental costs, potentially affecting the balance between owners and renters in the coming years.
