Frequently asked questions about 07029 in Harrison, NJ

Is zip code 07029 in Harrison, NJ a good place to invest in?: Yes. With an investment score of 603 over 1,000 is a great place to invest in the US.
What was the population of zip code 07029 according to the 2020 census?: According to the 2020 census, the population of zip code 07029 in Harrison, NJ was 20,990.
What is the forecasted population for zip code 07029 in 2025?: The forecasted population for zip code 07029 in 2025 is 22,404.
What is the projected population for zip code 07029 in 2030?: The projected population for zip code 07029 in 2030 is 23,196.
What is the average property price in zip code 07029?: The average property price in zip code 07029 is $580,269.
Is the property price in zip code 07029 expected to increase or decrease?: The property prices in zip code 07029 are currently on an increasing trend.
What is the average rent value in zip code 07029?: The average rent value in zip code 07029 is $2,558.
What is the average household income in zip code 07029?: The average household income in zip code 07029 is $91,597.

Investment Score for 07029 Harrison, NJ

Zip Code

07029

City

Harrison, NJ

Aterio Score™

603

out of 1,000 pts

With an investment score of 603 over 1,000 zip code 07029 Harrison, NJ is a great place to invest in the US.
Population is forecasted to grow 6.7% by 2025 (2.0 points above the 4.7% national average).
A forecasted population of 22,404 people for 2025 will generate a good demand for housing, which is expected to have a deficit of 913 houses for 2030.

State highest score is

775

National highest score is

846

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Population & Migration

Census 2010

16,026

Census 2020

20,990

Forecasted population 2025

22,404

Forecasted population 2026

22,566

Forecasted population 2027

22,724

Forecasted population 2028

22,881

Forecasted population 2029

23,038

Forecasted population 2030

23,196

The population in the US is expected to grow 4.7% between 2020 and 2030 or 0.6% per year. Neighborhoods or municipalities with growths above 4.7% for the next 10 years will have a positive effect on the score.

Any growth above 10% should create imbalances between supply and demand in the area creating strong signals for investment opportunities.

Aterio's Adjusted Growth

Coming soon

Growth rate 2020 to 2025

6.7%

Growth rate 2025 to 2030

3.5%

Expected growth rate from 2020 to 2030

Coming soon

Aterio's Adjusted Growth is a specialized metric that refines growth projections by incorporating historical growth information and projections, as well as migration data extracted from the USPS. This comprehensive approach offers a more precise indicator of expected growth, enhancing accuracy in predicting demographic and economic changes within a given area.

Prices

Average Property price latest Month

580268.590868029

Average Property price 6 months ago

570022.776992825

Average Property price 12 months ago

556505.739676509

Average number of days of a property in the market

Total number of home for sales abandoned

The average number of days a property spends on the market refers to the typical length of time it takes for properties to be sold. A higher average indicates that properties are staying on the market for longer periods, often suggesting lower demand and potentially unfavorable market conditions for sellers.

The total number of abandoned home sales refers to the count of properties that were listed for sale but ultimately left unsold, showcasing a lack of buyer interest or demand. A higher count of abandoned sales typically reflects diminished demand for those properties and can indicate a sluggish or unfavorable real estate market for sellers.

Price speed change rate

0.020079304

Price direction

1.017974394

The speed of change in prices is an important indicator of market volatility and can be used to help investors make decisions about buying or selling assets

In general, when there is a strong price direction, it is more likely that the speed of change will be faster. This is because the momentum behind the price movement is greater, and there may be more market participants who are eager to buy or sell at the prevailing prices.

Relative Strength Index

Home Value Relative Strength Index

98.268487812

Home Value Volatility Score Last 24 Months

54.962811349

Average annual mortgage rate in the US for 30 years

0.0675

Estimated installment price

3763.611052411

Rentals

Rent value latest month

2558.417604618

Rent RSI Score

79.464580496

Rent Volatility Score Last 24 Months

59.753554049

Rental mortgage rate

0.679777365

Listings

realtor.com

AVERAGE PROPERTY PRICE LATEST MONTH

645990

CHANGE IN LISTING PRICE YEAR OVER YEAR

0.0094

AVERAGE LISTING PRICE PER SQUARE FOOT

291

DAYS ON MARKET

ACTIVE LISTINGS

zillow.com

Average Property price latest Month

580268.590868029

CHANGE IN LISTING PRICE YEAR OVER YEAR

AVERAGE LISTING PRICE PER SQUARE FOOT

DAYS ON MARKET

ACTIVE LISTINGS

Demand vs. Supply

Housing units available in 2020

8689

Housing units available in 2021

9371

Estimated Housing units needed 2030

9602

Deficit or excess inventory

913

When there is a deficit of houses available in the market, it typically leads to an increase in home prices. This is because the demand for homes exceeds the supply, which creates a competitive bidding environment. As a result, buyers are willing to pay more to secure a home, driving up the prices.

Vacancy rate is 10.1% in the United States in the fourth quarter of 2022.

Low levels of vacancy rate signals a need for additional units in a market and a difference in supply and demand where demand is most likely not meet.

Homes in construction in the next 5 years

Total housing units (most recent data)

10485

Occupied housing units by owners

1909

Occupied housing units by renters

7911

Total Vacancy rate

0.063423939

Rental Vacancy rate

0.049

Economic Development

Number of business establishments in 2020

336

YOY GDP Growth

0.101064083

YOY GDP Growth for Retail

0.021230451

YOY GDP Growth for construction

-0.06031842

YOY GDP Growth for Real Estate

0.060312009

Retailtainment is a term used to describe the practice of combining retail shopping with entertainment experiences to create a more engaging and immersive shopping environment. The concept of retailtainment is based on the idea that people are looking for more than just a place to buy products; they want an experience that is fun, interactive, and memorable.

Universities attract a large number of employees and students who need housing. This creates demand for real estate in the surrounding area, which can lead to an increase in real estate prices, provides stability to the local economy, and attract investment from wealthy individuals and organizations.

People over 16 years old

18502

People in labor force

13450

civilian employed

12437

civilian unemployed

823

People marked as armed employed

190

% of Army employed Vs Civilian Employed

0.014126394

The Number of Armed Forces Employees signifies both potential advantages and vulnerabilities. Proximity to military bases enhances employment and safety in nearby ZIP codes, but reliance on military activity can create economic risks if bases shut down. It's noteworthy that armed forces employees are concentrated in a minority of ZIP codes, leaving most areas unaffected by this indicator's dynamics.

Capacity to Pay

Average of household income in 2021

91597

Affordability index

Household debt as % of Income in 2020

0.895

Household debt as % of Income in 2021

0.895

Rate of the previous household debt to income in 2021 vs 2020

Affordability indicates the ability of potential homebuyers to afford a home measured in number of years needed to pay a house. Example: Home Price 500,000 / Household Income 100,000 = 5 Years.

3 years or below is affordable, 3.1 to 5.0 is moderate and above 5.1 unaffordable. In 2021 Pittsburgh was 2.7 and San Francisco was 11.8.

Household debt can affect the ability of individuals to make mortgage payments, which can impact the foreclosure rate and the number of distressed properties on the market. If a large number of homeowners default on their mortgages, it can lead to an increase in foreclosures and distressed properties, which can put downward pressure on real estate prices.

% of HouseHolds making less than 50K

0.356

% of HouseHolds making between 50K and 75K

0.195

% of HouseHolds making between 75K and 100K

0.105

% of HouseHolds making between 100K and 200K

0.269

% of HouseHolds making more than 200K

0.075

These household income percentage indicators are derived from IRS data and offer insights into income distribution. They provide a snapshot of economic diversity within a population, highlighting the proportions of households across different income ranges, which can be valuable for assessing community prosperity and socio-economic trends.

Risk Factors

Unemployment rate

0.061189591

Unemployment rate for county last 6 months

0.044833333

Unemployment rate for county latest month

0.048

% of Homes Owner-occupied

0.194399185

US unemployment rate is at 3.4% for April 2023. High levels of unemployment can reduce the number of potential buyers in the market, as individuals who are unemployed or underemployed may not have the income or financial stability to purchase a home. This can lead to a decrease in demand for real estate, which can cause real estate prices to fall.

Owner-occupied housing rate in the US for 2021 was 64.6%. Homeowners are more likely to invest in their homes and the surrounding community, which can lead to improvements in infrastructure, schools, and other amenities. This can make the area more attractive to potential buyers and investors, which can further increase demand for real estate and real estate prices.

% of mortgage defaults in 2019

0.034008348

% of mortgage defaults in 2020

0.004946669

% of mortgage defaults in 2021

0.011130005

Mortgage default rates indicate the percentage of homeowners who fail to make timely mortgage payments, reflecting financial instability. These rates are crucial metrics as they inform investors about potential risks associated with a market. High default rates can signal economic challenges and impact property values, influencing investment decisions and risk assessments.

Violent Crimes ( % above or Below US average)

-0.330240959

Property Crimes ( % above or Below US average)

-0.182315917

Drinking water violations

Total number of violations

Total number of health violations

Total number of contaminations