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Zip Code 08322: Stable Homeownership Amid Rising Home Values in Franklinville, 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
Franklinville, located in zip code 08322 in New Jersey, has experienced notable shifts in homeownership rates and property values over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in Franklinville has remained relatively stable, with a slight decline observed in recent years. In 2013, the homeownership rate stood at 89%, and by 2022, it had decreased marginally to 87%. During this period, average home prices in the area have shown a significant upward trend. In 2013, the average home price was $192,342, which steadily increased to $304,606 by 2022, representing a substantial 58.4% growth over nine years.
When examining the relationship between federal interest rates and homeownership rates, we can observe some correlation. For instance, in 2020, when interest rates dropped to 0.38%, the homeownership rate in Franklinville was 86%. As interest rates began to rise in subsequent years, reaching 1.68% in 2022, the homeownership rate slightly increased to 87%. This suggests that while lower interest rates generally encourage homeownership, other local factors may also influence the market in Franklinville.
Renter percentages in Franklinville have shown minor fluctuations over the years, with a slight increase in recent times. In 2013, the renter-occupied percentage was 11%, and by 2022, it had risen to 13%. Interestingly, average rent prices have not followed a consistent upward trend. In 2013, the average rent was $1,383, which peaked at $1,401 in 2014 before experiencing some volatility. By 2022, the average rent had increased to $1,531, representing a 10.7% growth over the nine-year period.
As of 2024, the average home price in Franklinville has reached $342,539, showing a continued upward trajectory from previous years. This represents a 12.5% increase from the 2022 average price of $304,606. The current federal interest rate stands at 5.33%, which is significantly higher than the rates observed in recent years. This increase in interest rates may impact homebuying decisions and potentially affect future home price growth.
Looking ahead, predictive models suggest that average home prices in Franklinville are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by factors such as inflation and housing demand. However, the rate of increase for rent prices may be more modest compared to home prices.
In summary, Franklinville has experienced a slight decrease in homeownership rates while seeing substantial growth in average home prices over the past decade. Renter percentages have marginally increased, with average rent prices showing more modest growth. The recent rise in interest rates may influence future market dynamics, potentially moderating the rapid home price appreciation observed in recent years. These trends reflect a changing real estate landscape in zip code 08322, with implications for both homeowners and renters in the coming years.
