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Zip Code 07935: High Home Values and Strong Ownership Trends in Green Village, New Jersey
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
Green Village, located in zip code 07935 in New Jersey, is a small community that has experienced notable fluctuations in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate landscape.
The homeownership rate in Green Village has shown slight variations over the years, with a general trend of decline. In 2013, the homeownership rate stood at 69%, remaining stable until 2017. However, it experienced a slight increase to 70% in 2018, before dropping to 65% in 2019 and maintaining that level through 2022. This shift coincides with interesting trends in average home prices. The average home price in 2016 was $817,722, and it saw a steady increase to $825,873 in 2018. However, there was a noticeable dip to $789,704 in 2020, possibly influenced by broader economic factors.
The relationship between federal interest rates and homeownership rates in Green Village shows some correlation. As interest rates remained low from 2013 to 2015 (around 0.1%), the homeownership rate held steady at 69%. The slight increase in interest rates to 0.4% in 2016 and 1% in 2017 didn't immediately impact homeownership. However, as rates continued to rise to 1.83% in 2018 and 2.16% in 2019, we observed a decline in homeownership to 65%. This trend aligns with the general principle that higher interest rates can make home financing less affordable, potentially discouraging homeownership.
Renter percentages in Green Village have shown an inverse relationship to homeownership rates. The renter-occupied percentage increased from 31% in 2013 to 35% in 2019 and remained at that level through 2022. Interestingly, average rent prices have shown a general upward trend during this period. In 2013, the average rent was $1,956, which increased to $2,239 by 2017. There was a slight fluctuation in subsequent years, with the average rent reaching $2,156 in 2022. This upward trend in rent prices, despite an increase in the renter population, suggests a strong demand for rental properties in the area.
Looking at the most recent data, the average home price in Green Village reached $992,304 in 2023 and further increased to $1,044,311 in 2024. This significant jump in home prices occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has shown resilience in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Green Village will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We expect the average home price to potentially reach around $1.2 million by 2029. For rent prices, the trend suggests a continued increase, potentially reaching an average of $2,400-$2,500 per month by 2029, assuming steady demand and limited new rental inventory.
In summary, Green Village has experienced a slight shift towards renting in recent years, with homeownership rates declining from 69% to 65%. Despite this, both average home prices and rent prices have shown resilience and growth. The community's real estate market appears robust, with home values continuing to appreciate even in a high-interest rate environment. These trends suggest that Green Village remains an attractive location for both homeowners and renters, with potential for continued growth in property values in the coming years.
