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Zip Code 07666: Rising Home Values and Stable Ownership in Bogota, 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 07666, located in Bogota, New Jersey, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This suburban area has shown resilience in its housing market, with a general trend towards increased homeownership and rising property values. The homeownership rate in zip code 07666 has shown a notable increase from 72% in 2016 to 77% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2016, the average home price was $386,812, which steadily climbed to $558,762 by 2022, representing a 44.5% increase over six years. This correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or increased desirability of the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2016 to 2020, interest rates fluctuated between 0.4% and 2.16%, which likely contributed to the increased homeownership rates during this period. The low-interest environment made mortgages more affordable, encouraging more people to buy homes. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in the zip code remained strong at 77%.
Renter percentages in zip code 07666 have shown some fluctuation but generally remained stable. In 2016, the renter-occupied rate was 25%, which slightly decreased to 23% by 2022. Average rent prices, however, have shown a consistent upward trend. In 2016, the average rent was $1,612, which increased to $1,796 by 2022, marking an 11.4% rise over six years. This increase in rent prices, coupled with the relatively stable renter percentage, suggests a strong rental market in the area, possibly driven by population growth from 40,678 in 2016 to 41,395 in 2022.
Looking at the most recent data, the average home price in zip code 07666 reached $575,805 in 2023 and further increased to $608,712 in 2024. This represents a substantial 8.9% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in this area.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 07666 to continue their upward trajectory, potentially reaching around $750,000 by 2029. This projection is based on the historical growth rate and assumes continued demand in the area. Average rent prices are also expected to increase, potentially reaching approximately $2,200 per month by 2029, reflecting the overall trend of rising housing costs in the region.
In summary, zip code 07666 has demonstrated a strong housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience in the face of fluctuating interest rates, with homeownership remaining attractive even as prices have climbed. The rental market has also remained stable with steadily increasing rents. These trends, combined with the recent surge in home prices and interest rates, suggest that this zip code continues to be a desirable location for both homeowners and renters, with potential for further growth in the coming years.
