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Zip Code 07663: Steady Homeownership Amidst Rising Home Values in Fair Lawn, 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
Zip code 07663, representing Fair Lawn in New Jersey, is a suburban community known for its excellent schools and proximity to New York City. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and relatively stable average rent prices.
In 2013, the homeownership rate in zip code 07663 stood at 68%, with an average home price of $354,070. As the local real estate market recovered from the 2008 financial crisis, homeownership rates and average home prices showed a positive correlation. By 2017, the ownership rate had increased to 70%, coinciding with a rise in average home prices to $401,996. This trend continued into 2019, with homeownership remaining at 70% and average home prices reaching $434,038. However, 2020 saw a shift, with homeownership dropping to 66% despite average home prices increasing to $456,408. This divergence suggests factors beyond home prices, such as economic uncertainty, may have influenced homeownership decisions.
The relationship between federal interest rates and homeownership rates in zip code 07663 demonstrates some correlation. In 2013, when interest rates were at a low 0.11%, homeownership was at 68%. As interest rates gradually increased to 2.16% by 2019, homeownership rates actually rose to 70%, suggesting other local factors may have outweighed the impact of interest rates. However, the sharp drop in interest rates to 0.38% in 2020 coincided with a decrease in homeownership to 66%, possibly due to broader economic uncertainties during the pandemic.
Renter percentages and average rent prices in zip code 07663 have shown interesting trends. In 2013, 32% of residents were renters, with an average rent of $1,739. Despite fluctuations in the renter population, average rent prices remained relatively stable, reaching $1,948 in 2019 when the renter percentage was 30%. By 2022, the renter percentage returned to 32%, with average rent at $1,783. This stability in rent prices, despite changes in the renter population, suggests a balanced rental market in the area.
As of 2024, the average home price in zip code 07663 has reached $584,201, a significant increase from previous years. This coincides with a federal interest rate of 5.33%, which is notably higher than the rates seen in the past decade. These figures indicate a robust housing market despite higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 07663 over the next five years. Based on historical data and current market conditions, average home prices could potentially reach $650,000 to $700,000 by 2029. Average rent prices are projected to show moderate growth, potentially reaching $2,000 to $2,200 per month in the same timeframe.
In summary, zip code 07663 has demonstrated resilience in its housing market, with generally increasing average home prices and stable average rent prices. While homeownership rates have fluctuated, they have remained relatively high, reflecting the area's desirability. The recent increase in interest rates, coupled with rising home prices, may present challenges for potential buyers, but the strong local market suggests continued demand for both owned and rented properties in this New Jersey suburb.
