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Zip Code 08514: High Homeownership and Rising Home Values in Cream Ridge, 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
Cream Ridge, located in zip code 08514 in New Jersey, is a community that has experienced notable changes in homeownership and housing prices over the past decade. The area has maintained a high rate of owner-occupied housing, consistently above 88%, while average home prices have shown significant growth. Average rent prices have also seen an upward trend, albeit with some fluctuations.
The homeownership rate in zip code 08514 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the ownership rate was 93%, which slightly decreased to 89% by 2020 and then increased back to 90% in 2022. Despite these small changes, the area has maintained a strong preference for homeownership. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $355,840, which rose to $448,418 by 2020, representing a 26% increase over seven years. This upward trend continued more dramatically, with prices reaching $588,663 in 2022, a 65% increase from 2013.
Federal interest rates have played a role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low rates coincided with the stable and high homeownership rates in the zip code. The slight dip in ownership percentage from 93% in 2013 to 89% in 2020 may be attributed to rising home prices outpacing the benefits of low interest rates for some potential buyers.
Renter percentages in zip code 08514 have shown a slight increase from 7% in 2013 to 10% in 2022, inversely mirroring the minor decrease in homeownership rates. Average rent prices have also trended upward, rising from $1,280 in 2013 to $1,343 in 2022, an increase of about 5%. The population growth from 4,972 in 2013 to 5,286 in 2022 may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, average home prices in zip code 08514 continued their upward trajectory, reaching $614,955 in 2023 and $658,580 in 2024. This represents a 12% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 08514 will continue to rise, potentially reaching around $750,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
The most important discoveries for zip code 08514 include the consistently high homeownership rate above 88%, despite rising home prices. The significant increase in average home prices, particularly the 65% growth from 2013 to 2022, stands out as a key trend. The area has also experienced a modest population growth and a slight increase in the renter population. Looking forward, both home prices and rent are expected to continue their upward trends, with home prices potentially reaching new highs in the coming years.
