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Zip Code 08102: Camden's Evolving Housing Market and Rising Home Values
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 08102, located in Camden, New Jersey, has experienced significant changes in its housing market over the past decade. This urban area has seen a decline in homeownership rates coupled with an increase in average home prices, while average rent prices have shown fluctuations. These trends reflect the dynamic nature of the local real estate market and its impact on residents.
The homeownership rate in zip code 08102 has steadily decreased from 27% in 2013 to 23% in 2022. Concurrently, average home prices have shown a substantial increase. In 2013, the average home price was $54,726, which rose to $111,838 by 2022, representing a 104% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for residents in this area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were below 0.5%, the homeownership rate declined from 27% to 23%. However, as interest rates increased to 1.83% in 2018, the homeownership rate stabilized at 22%. This pattern indicates that factors beyond interest rates, such as local economic conditions and housing affordability, may have a stronger influence on homeownership in this zip code.
Renter-occupied housing has become more prevalent, increasing from 73% in 2013 to 77% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $872, which increased to a peak of $957 in 2018 before declining to $831 in 2022. The population in the zip code has remained relatively stable, fluctuating between 8,446 and 8,948 residents from 2013 to 2022. The high percentage of renters coupled with fluctuating rent prices suggests a competitive rental market that may be influenced by local economic factors and housing supply.
In 2023, the average home price in zip code 08102 decreased to $100,724, representing a 10% drop from the previous year. However, 2024 has seen a rebound, with average home prices rising to $110,985. This recent uptick occurs alongside a federal interest rate of 5.33% in 2024, which is significantly higher than rates observed in the previous decade.
Looking ahead, predictive models suggest that average home prices in zip code 08102 may continue to rise over the next five years, potentially reaching around $130,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, possibly increasing to approximately $1,000 per month by 2029. These projections assume continued economic growth and stable demand for housing in the area.
In summary, zip code 08102 has experienced a shift towards a predominantly renter-occupied market with rising average home prices over the past decade. The recent dip and subsequent rebound in home prices, coupled with higher interest rates, indicate a dynamic housing market. As the area continues to evolve, it will be crucial to monitor how these trends impact housing affordability and community demographics in the coming years.
