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Zip Code 07626: Resilient Homeownership Amid Rising Property Values in Cresskill, NJ
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
Cresskill, located in zip code 07626 in New Jersey, is a small suburban community with a population of 9,277 as of 2022. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Cresskill has remained relatively stable, hovering around 80-85% between 2013 and 2022. In 2013, the homeownership rate was 82%, and by 2022, it stood at 80%. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $564,593, and by 2022, it had risen to $822,578, representing a 45.7% increase over nine years.
Federal interest rates have played a role in homeownership trends in Cresskill. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 83-85%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership, dropping to 80% by 2022 when the federal interest rate reached 1.68%.
The renter population in Cresskill has shown some variability over the years. In 2013, the renter-occupied rate was 13%, which decreased to 11% in 2015 before rising again to 20% in 2022. Average rent prices have generally increased during this period, albeit with some fluctuations. In 2013, the average rent was $2,056, which rose to $2,937 in 2016, then slightly decreased to $2,877 in 2022. This represents a 39.9% increase in average rent from 2013 to 2022.
Looking at the most recent data, the average home price in Cresskill for 2023 was $846,712, showing a continued upward trend from previous years. In 2024, the average home price further increased to $881,669. Notably, the federal interest rate rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Cresskill to continue their upward trajectory, potentially reaching around $1 million by 2029 if current trends persist. Average rent prices may also continue to rise, possibly surpassing $3,200 per month within the next five years. However, these projections are subject to various economic factors and local market conditions.
In summary, Cresskill has maintained a high homeownership rate despite rising home prices over the past decade. The recent sharp increase in federal interest rates may pose challenges for potential homebuyers, potentially leading to a slight decrease in homeownership rates. Meanwhile, the rental market has seen both growth in the renter population and increases in average rent prices, reflecting the area's desirability and the overall trend of rising housing costs in the region.
