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Zip Code 08210: Rising Home Values and Stable Ownership in Cape May Court House
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
Cape May Court House, located in zip code 08210 in New Jersey, has experienced interesting shifts in homeownership and housing prices over the past decade. This coastal community has maintained a high rate of homeownership while seeing significant changes in average home and rent prices.
The homeownership rate in zip code 08210 has remained relatively stable, with a slight decrease from 82% in 2013 to 80% in 2022. Despite this minor decline, the area still boasts a high percentage of owner-occupied housing units. During this same period, average home prices have shown a substantial increase. In 2013, the average home price was $234,273, and by 2022, it had risen to $374,489, representing a 59.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area appears to be somewhat complex. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in influencing homeownership rates in this zip code.
Renter percentages in zip code 08210 have shown a slight increase, from 18% in 2013 to 20% in 2022. Average rent prices, however, have fluctuated over this period. In 2013, the average rent was $1,373, peaking at $1,500 in 2015 before declining to $1,252 in 2022. This represents a 8.8% decrease in average rent from 2013 to 2022. The population of the area has remained relatively stable during this time, with 16,846 residents in 2013 and 17,097 in 2022, which may have contributed to the relative stability in the rental market.
In 2023 and 2024, average home prices in zip code 08210 continued to rise, reaching $392,803 in 2023 and $410,941 in 2024. This represents a 4.9% increase from 2022 to 2023 and a further 4.6% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 08210 may continue to increase over the next five years, potentially reaching around $450,000 by 2029. Average rent prices, which have shown more volatility, are predicted to stabilize and potentially increase slightly, possibly reaching $1,350 to $1,400 by 2029.
In summary, zip code 08210 has maintained a high rate of homeownership despite significant increases in average home prices. The rental market has shown more stability in terms of prices, with a slight increase in the percentage of renters. The continued rise in home prices, coupled with higher interest rates, may pose challenges for future homebuyers in this area, potentially leading to a gradual shift towards more renting if the trend continues.
