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Zip Code 08902: Rising Home Values and Stable Ownership in Deans, 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
Zip code 08902, located in Deans, New Jersey, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 08902 has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate stood at 59%, gradually decreasing to 55% by 2020. However, there was a slight uptick to 58% in 2022. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $278,148, which steadily increased to $430,801 by 2022, representing a substantial 54.9% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code aligns with well-established trends. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable around 58-59%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, we observed a corresponding decline in homeownership rates to 55% by 2020.
Renter percentages in zip code 08902 have shown a general increase, mirroring the slight decline in homeownership. The renter-occupied percentage rose from 40% in 2013 to 45% in 2020, before slightly decreasing to 42% in 2022. Average rent prices have also trended upward, increasing from $1,603 in 2013 to $1,806 in 2022, a 12.7% increase. This trend coincides with the area's population growth, which increased from 41,867 in 2013 to 43,053 in 2022, potentially contributing to higher demand for rental properties.
In 2023 and 2024, the housing market in zip code 08902 continued its upward trajectory. The average home price reached $460,604 in 2023 and further increased to $488,911 in 2024, representing a significant 13.5% rise over two years. This occurred despite the sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest a continuation of these trends over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 08902 has experienced a gradual shift towards more renter-occupied housing, coupled with substantial increases in both average home prices and average rent prices. The area has shown resilience in its housing market, with property values continuing to rise even in the face of increasing interest rates. These trends reflect a dynamic and evolving housing market in this New Jersey community.
