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Zip Code 08510: Roosevelt's Soaring Home Values and High Homeownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Roosevelt, located in zip code 08510 in New Jersey, is a small community that has experienced significant changes 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. In Roosevelt, homeownership rates have shown a slight decline from 2013 to 2022. In 2013, the ownership rate was 99%, which gradually decreased to 96% by 2022. Despite this minor decrease, the community maintains a high rate of homeownership. Concurrently, average home prices in the area have seen a substantial increase. In 2013, the average home price was $473,273, which rose steadily to $775,324 by 2022, representing a 63.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Roosevelt shows an interesting pattern. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership remained stable at 98-100%. As interest rates began to rise from 2016 onwards, there was a slight decline in homeownership, reaching 96% in 2022 when the federal interest rate was 1.68%. This trend aligns with the general expectation that lower interest rates encourage homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in Roosevelt has increased from 1% in 2013 to 4% in 2022. This growth in the renter population corresponds with fluctuations in average rent prices. In 2013, the average rent was $1,728, which peaked at $1,829 in 2018 before decreasing to $1,628 in 2022. The population of Roosevelt has also fluctuated during this period, reaching a high of 5,741 in 2017 before settling at 5,253 in 2022, which may have influenced rental market dynamics.
As of 2024, the average home price in Roosevelt has continued to rise, reaching $854,692. This represents a 10.2% increase from the 2023 average of $817,223. The federal interest rate in 2024 stands at 5.33%, a significant increase from previous years, which may impact future homeownership trends and property values in the area.
Looking ahead, predictive models suggest that average home prices in Roosevelt are likely to continue their upward trajectory over the next five years, potentially reaching or exceeding $950,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,800 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Roosevelt has maintained a high rate of homeownership despite a slight decline over the past decade. The area has experienced significant appreciation in average home values, with a 63.8% increase from 2013 to 2022. The rental market has grown modestly, with average rent prices fluctuating but generally trending upward. The recent sharp increase in federal interest rates may influence future homeownership rates and property values, potentially moderating the rapid growth seen in recent years.
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