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Wenonah: Rising Home Values and Strong Ownership Trends in a Small New Jersey Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wenonah, located in New Jersey, is a small community with a rich history and a strong sense of local pride. Over the past decade, this charming town has experienced notable shifts in homeownership rates and housing market dynamics. The overall trend shows a significant increase in homeownership, coupled with fluctuating average home prices and average rent prices.
Homeownership in Wenonah has seen a remarkable upward trend. In 2013, the homeownership rate stood at 88%, and by 2022, it had risen to 91%. This increase was particularly pronounced between 2016 and 2018, when the rate jumped from 87% to 95%. During this period, average home prices experienced some volatility. In 2013, the average home price was $199,128, which decreased slightly to $197,415 in 2018. However, from 2018 onwards, there was a substantial increase in average home prices, reaching $287,934 by 2022. This represents a 45.9% increase in just four years, despite the homeownership rate remaining relatively stable during this time.
The relationship between federal interest rates and homeownership rates in Wenonah appears to follow expected patterns. As interest rates remained low from 2013 to 2017, hovering around 0.1% to 1%, homeownership rates increased from 88% to 92%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise in 2018 and 2019, reaching 2.16%, homeownership rates in Wenonah continued to climb to 95%, suggesting other local factors may have been influencing this trend.
Renter percentages in Wenonah have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. In 2013, the renter percentage was 12%, which dropped to a low of 5% in 2018 and remained stable through 2020. Average rent prices, however, have not consistently followed this trend. In 2013, the average rent was $1,263, which increased to $2,100 in 2016 despite a slight decrease in the renter population. Interestingly, as the renter percentage hit its lowest point in 2018 at 5%, the average rent decreased to $1,264. By 2022, with a slight increase in renters to 9%, the average rent had decreased further to $1,025.
Looking at the most recent data, the average home price in Wenonah for 2023 was $306,861, showing a continued upward trend from previous years. In 2024, this figure has risen further to $327,508, representing a 6.7% increase from 2023. Concurrently, federal interest rates have also seen a significant increase, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Wenonah. If the current trajectory persists, average home prices could potentially reach around $400,000 by 2029. For average rent prices, the trend is less clear due to recent fluctuations. However, if the slight upward trend from 2022 continues, we might see average rents return to the $1,200-$1,300 range within the next five years.
In summary, Wenonah has experienced a significant increase in homeownership rates over the past decade, reaching 91% in 2022. This trend has been accompanied by substantial growth in average home prices, particularly since 2018. Despite rising federal interest rates, the local housing market has remained robust. The rental market has seen more volatility, with decreasing renter percentages and fluctuating average rent prices. As we look to the future, the housing market in Wenonah appears poised for continued growth, with potential challenges arising from increasing interest rates.
