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Zip Code 07410: Rising Home Values and Stable Ownership in Fair Lawn
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
Fair Lawn, located in zip code 07410 in New Jersey, has experienced notable shifts in homeownership and housing prices over the past decade. This suburban community has maintained a high rate of homeownership, with a slight upward trend in recent years, while simultaneously seeing significant increases in both average home prices and average rent.
The homeownership rate in Fair Lawn has shown resilience and growth, increasing from 77% in 2013 to 79% in 2022. This upward trend in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $332,085, which steadily climbed to $569,176 by 2022, representing a remarkable 71.4% increase over nine years. This trend suggests that despite rising prices, Fair Lawn remained an attractive location for homeowners, possibly due to its desirable suburban characteristics and proximity to New York City.
Federal interest rates have played a significant role in shaping homeownership trends in Fair Lawn. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained stable at around 77-79%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership actually increased slightly to 81% in 2017 before stabilizing at 79-80% in subsequent years. This suggests that other factors, such as local economic conditions and housing market dynamics, may have offset the potential negative impact of rising interest rates on homeownership in Fair Lawn.
The rental market in Fair Lawn has also experienced significant changes. The percentage of renters decreased slightly from 20% in 2013 to 19% in 2018, before rising back to 21% in 2022. Despite these minor fluctuations, average rent prices saw a substantial increase. In 2013, the average rent was $1,659, which rose to $2,142 by 2022, marking a 29.1% increase. This growth in rent prices, coupled with a relatively stable renter population, indicates a strong demand for rental properties in the area, possibly driven by those unable to enter the increasingly expensive housing market.
Looking at the most recent data, the average home price in Fair Lawn reached $599,656 in 2023 and further increased to $625,487 in 2024. This represents a significant 9.9% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since 2007. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Fair Lawn will continue to rise, potentially reaching around $750,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's sustained attractiveness. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $2,500 by 2029, reflecting the ongoing demand for rental properties in the area.
In summary, Fair Lawn has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The community has maintained its appeal to homeowners despite rising prices, while also seeing growth in the rental market. The interplay between federal interest rates, local economic factors, and housing demand has shaped these trends, resulting in a dynamic and evolving real estate landscape in zip code 07410.
