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Zip Code 07756: Ocean Grove's Rising Home Values and Victorian Charm
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
Ocean Grove, located in zip code 07756 in New Jersey, is a charming coastal community known for its Victorian architecture and vibrant beach culture. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased renting and rising property values.
The homeownership rate in Ocean Grove has shown significant variability from 2013 to 2022. In 2013, the ownership rate stood at 51%, but it decreased to 38% by 2019. However, there was a rebound to 50% by 2022. This fluctuation coincides with changes in average home prices, which rose from $415,523 in 2013 to $752,031 in 2022, representing an 81% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $549,968 to $653,333, a 19% surge in just one year.
Federal interest rates appear to have influenced homeownership trends in Ocean Grove. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, coincided with the initial decline in homeownership. However, as interest rates began to rise more significantly in 2022 to 1.68%, homeownership rates stabilized at 50%. This suggests that other factors, such as local market conditions and housing affordability, may have played a more significant role in ownership decisions than interest rates alone.
Renter percentages in Ocean Grove have generally increased over time, rising from 49% in 2013 to 62% in 2019, before settling at 50% in 2022. This trend has been accompanied by a steady increase in average rent prices. In 2013, the average rent was $1,038, which rose to $1,288 by 2022, representing a 24% increase. The highest average rent was recorded in 2021 at $1,323. The population has fluctuated during this period, from 3,540 in 2013 to 3,479 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, Ocean Grove has experienced continued growth in average home prices. The average home price reached $767,134 in 2023 and further increased to $812,570 in 2024, representing a 6% and 8% increase from 2022, respectively. This growth has occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homeowners.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to potentially reach or exceed $1 million by 2029, assuming a consistent growth rate similar to recent years. Average rent prices could surpass $1,500 per month within the same timeframe, following the upward trajectory observed since 2013.
In summary, Ocean Grove (07756) has experienced a dynamic housing market characterized by fluctuating homeownership rates, steadily increasing average home prices, and rising rent costs. The interplay between federal interest rates, local market conditions, and population changes has contributed to these trends. As the community continues to evolve, it's likely to see further increases in both home values and rental prices, potentially reshaping the demographic makeup of this historic coastal area.
