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Zip Code 08319: Rising Home Values and High Ownership Rates in Estell Manor, 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
Estell Manor, located in zip code 08319 in New Jersey, is a small community with a unique characteristic of extremely high homeownership rates. This area has seen interesting trends in both ownership percentages and housing prices over the past decade, making it a noteworthy case study in real estate dynamics.
The homeownership rate in Estell Manor has been remarkably high and stable, fluctuating between 95% and 99% from 2013 to 2022. This exceptionally high rate of homeownership is well above the national average. Interestingly, as the homeownership rate increased from 96% in 2019 to 99% in 2022, the average home prices also saw a significant uptick. The average home price rose from $215,602 in 2019 to $313,853 in 2022, representing a substantial 45.6% increase over just three years.
When examining the relationship between federal interest rates and homeownership rates in Estell Manor, we observe an interesting pattern. Despite the federal interest rate rising from 0.08% in 2021 to 1.68% in 2022, the homeownership rate in the area remained steady at 99%. This suggests that in this particular zip code, homeownership trends may be less sensitive to interest rate fluctuations, possibly due to other local factors or the already high rate of homeownership.
The rental market in Estell Manor is notably small, with the percentage of renters dropping from 4% in 2019 to just 1% in 2022. Despite this decrease in renters, the average rent price remained relatively stable, moving from $1,750 in 2019 to $1,678 in 2022. This stability in rent prices, despite the shrinking rental market, could be attributed to the limited rental inventory in the area.
Looking at the most recent data, we see that in 2023, the average home price in Estell Manor reached $335,188, and in 2024, it further increased to $359,889. This represents a continued upward trend in home values. Simultaneously, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years.
Based on the historical data and current trends, we can project future movements in the real estate market of Estell Manor. Applying predictive models, we anticipate that average home prices will continue to rise over the next five years, potentially reaching around $450,000 by 2029. The rental market, given its small size and previous stability, is expected to see modest increases in average rent prices, potentially reaching about $1,900 per month in the same timeframe.
In summary, Estell Manor (zip code 08319) presents a unique real estate landscape characterized by exceptionally high homeownership rates and steadily increasing home values. Despite rising interest rates, the area has maintained its strong preference for homeownership. The limited rental market has shown resilience in terms of pricing, even as the renter population has decreased. As we look to the future, the trends suggest continued growth in home values and a stable, albeit small, rental market in this New Jersey community.
