Loading Content...
Rising Home Values and Stable Ownership in Zip Code 08330: Estell Manor's Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 08330, located in Estell Manor, New Jersey, presents an intriguing landscape of homeownership and housing market dynamics. This area has experienced fluctuations in ownership percentages and notable changes in average home and rent prices over the past decade.
The homeownership rate in zip code 08330 has remained relatively stable, hovering around 73% from 2013 to 2022. However, there have been subtle shifts within this period. In 2013, the ownership rate stood at 73%, dipping slightly to 72% in 2015 and 2020, before rising back to 74% in 2021. Interestingly, these minor fluctuations in homeownership coincided with significant changes in average home prices. The average home price in 2013 was $159,970, which steadily increased to $250,661 by 2022, representing a substantial 56.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained steady at around 73%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight increases, peaking at 74% in 2021. This suggests that despite rising interest rates, other factors may have influenced homebuying decisions in this area.
Renter percentages in zip code 08330 have shown a complementary trend to homeownership rates, fluctuating between 26% and 28% from 2013 to 2022. The average rent prices have seen some volatility during this period. In 2013, the average rent was $1,478, which decreased to $1,400 by 2016. However, rent prices then began to climb, reaching $1,575 in 2020 before slightly decreasing to $1,449 in 2022. This represents a net decrease of about 2% in average rent prices from 2013 to 2022, despite the area's population growth from 28,387 in 2013 to 29,435 in 2022.
Looking at the most recent data, the average home price in zip code 08330 reached $272,142 in 2023 and further increased to $289,968 in 2024. This represents a significant jump of 15.7% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over two decades.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 08330 will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of around $1,600 by 2029, assuming the area's population and economic conditions remain stable.
In summary, zip code 08330 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has seen substantial appreciation in property values, particularly in recent years, while rent prices have remained relatively stable. The coming years are likely to see continued growth in home values, potentially outpacing rent increases, which could further impact the balance between homeownership and renting in this New Jersey community.
