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Sicklerville's Housing Market: Rising Home Values Amidst Steady Ownership
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
Sicklerville, a vibrant community in New Jersey, is known for its diverse population and suburban charm. Over the past decade, this city has experienced notable shifts in homeownership rates and housing market dynamics. From 2013 to 2022, Sicklerville saw a slight decrease in homeownership, while average home prices and average rent prices generally trended upward.
The homeownership rate in Sicklerville has shown a moderate decline from 2013 to 2022. In 2013, 79% of residents owned their homes, while by 2022, this figure had decreased slightly to 78%. Interestingly, this period coincided with a significant increase in average home prices. In 2013, the average home price was $169,674, which rose steadily to reach $306,315 by 2022, representing an impressive 80.5% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in Sicklerville. From 2013 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, ranging from 77% to 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decline in homeownership, dropping to 76% by 2019. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in Sicklerville has seen a modest increase, rising from 21% in 2013 to 22% in 2022. This growth in the renter population coincided with an upward trend in average rent prices. In 2013, the average rent was $1,405, which increased to $1,519 by 2022, representing an 8.1% rise over the nine-year period. The population growth from 46,631 in 2013 to 48,215 in 2022 may have contributed to the increased demand for rental properties, potentially driving up average rent prices.
As of 2024, average home prices in Sicklerville have continued to rise, reaching $347,753. This represents a significant 13.5% increase from the 2022 average of $306,315. Concurrently, federal interest rates have climbed to 5.33% in 2024, up from 1.68% in 2022. This substantial increase in interest rates could potentially impact future homeownership trends in the area.
Looking ahead, predictive models forecast continued growth in both average home prices and average rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $420,000 by 2029. Average rent prices are expected to rise at a more moderate pace of 2-3% per year, potentially reaching about $1,700 by 2029.
In summary, Sicklerville has experienced a slight decrease in homeownership rates over the past decade, coinciding with significant increases in average home prices. The rental market has seen moderate growth in both the percentage of renters and average rent prices. With rising interest rates and continued growth in housing prices, the coming years may present challenges for potential homebuyers in Sicklerville, potentially leading to a further increase in the renter population.
