Loading Content...
Zip Code 07607: Maywood's Rising Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Maywood, located in zip code 07607 in New Jersey, is a densely populated area with a rich history and diverse community. Over the past decade, this zip code has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The homeownership rate in Maywood has shown a general upward trend, increasing from 60% in 2017 to 70% in 2022. This rise in homeownership coincides with fluctuations in average home prices. In 2017, the average home price was $404,385, which steadily increased to $545,592 by 2022, representing a significant 34.9% growth over five years. This positive correlation between homeownership rates and average home prices suggests a strong local housing market and growing desirability of the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Maywood. In 2017, when interest rates were at 1%, the homeownership rate was 60%. As interest rates climbed to 1.83% in 2018 and 2.16% in 2019, homeownership rates initially dipped to 62% in 2018 but then rebounded to 65% in 2019. The dramatic drop in interest rates to 0.38% in 2020 and 0.08% in 2021 corresponded with a surge in homeownership to 69% in both years, illustrating how lower interest rates can stimulate home buying activity.
Renter percentages in Maywood have generally decreased as homeownership rates increased. In 2017, 40% of residents were renters, with an average rent of $1,665. By 2022, the renter percentage had dropped to 30%, while the average rent increased to $1,600. This inverse relationship between renter percentages and average rent prices suggests that as more residents transition to homeownership, the rental market may become more competitive for the remaining units, potentially driving up rents.
Moving to more recent data, in 2023, the average home price in Maywood reached $569,131, a 4.3% increase from 2022. This growth continued into 2024, with average home prices climbing to $599,775, representing a further 5.4% increase. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically dampen home buying activity, the continued rise in home prices suggests strong underlying demand in the Maywood housing market.
Looking ahead, predictive models forecast a continued upward trajectory for both average home prices and rent prices in Maywood over the next five years. Average home prices are projected to reach approximately $700,000 by 2029, representing a 16.7% increase from 2024 levels. Average rent prices are expected to climb to around $1,800 per month by 2029, a 12.5% increase from 2022 figures.
In summary, Maywood has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The inverse relationship between homeownership and renter percentages, coupled with the area's resilience to rising interest rates, suggests a strong local economy and high desirability. As the community continues to evolve, these trends are likely to shape the future of housing in zip code 07607, making it an area of interest for both residents and investors alike.
