Frequently asked questions about 08701 in Lakewood, NJ

Is zip code 08701 in Lakewood, NJ a good place to invest in?: Yes. With an investment score of 715 over 1,000 is a great place to invest in the US.
What was the population of zip code 08701 according to the 2020 census?: According to the 2020 census, the population of zip code 08701 in Lakewood, NJ was 104,186.
What is the forecasted population for zip code 08701 in 2025?: The forecasted population for zip code 08701 in 2025 is 137,116.
What is the projected population for zip code 08701 in 2030?: The projected population for zip code 08701 in 2030 is 137,523.
What is the average property price in zip code 08701?: The average property price in zip code 08701 is $618,665.
Is the property price in zip code 08701 expected to increase or decrease?: The property prices in zip code 08701 are currently on an increasing trend.
What is the average rent value in zip code 08701?: The average rent value in zip code 08701 is -.
What is the average household income in zip code 08701?: The average household income in zip code 08701 is $80,304.

Investment Score for 08701 Lakewood, NJ

Zip Code

08701

City

Lakewood, NJ

Aterio Score™

715

out of 1,000 pts

With an investment score of 715 over 1,000 zip code 08701 Lakewood, NJ is a great place to invest in the US.
Population is forecasted to grow 31.6% by 2025 (26.9 points above the 4.7% national average).
A forecasted population of 137,116 people for 2025 will generate a high demand for housing, which is expected to have a deficit of 8,516 houses for 2030.

State highest score is

772

National highest score is

848

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Population & Migration

Census 2010

92,843

Census 2020

104,186

Forecasted population 2025

137,116

Forecasted population 2026

137,178

Forecasted population 2027

137,245

Forecasted population 2028

137,332

Forecasted population 2029

137,422

Forecasted population 2030

137,523

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

31.6%

Growth rate 2025 to 2030

0.3%

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

618664.79344285

Average Property price 6 months ago

605133.048237583

Average Property price 12 months ago

569269.487953149

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

0.035907491

Price direction

1.022361603

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

98.610651709

Home Value Volatility Score Last 24 Months

67.28980134

Average annual mortgage rate in the US for 30 years

0.0665

Estimated installment price

3971.61081944

Listings

realtor.com

AVERAGE PROPERTY PRICE LATEST MONTH

733942

CHANGE IN LISTING PRICE YEAR OVER YEAR

-0.0109

AVERAGE LISTING PRICE PER SQUARE FOOT

309

DAYS ON MARKET

ACTIVE LISTINGS

134

zillow.com

Average Property price latest Month

618664.79344285

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

26616

Housing units available in 2021

32922

Estimated Housing units needed 2030

35132

Deficit or excess inventory

8516

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)

33539

Occupied housing units by owners

15861

Occupied housing units by renters

15363

Total Vacancy rate

0.069024121

Rental Vacancy rate

0.032

Economic Development

Number of business establishments in 2020

3386

YOY GDP Growth

0.098211218

YOY GDP Growth for Retail

0.20070758

YOY GDP Growth for construction

0.111589335

YOY GDP Growth for Real Estate

0.034603581

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

73936

People in labor force

40774

civilian employed

38263

civilian unemployed

2471

People marked as armed employed

% of Army employed Vs Civilian Employed

0.000981017

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

80304

Affordability index

Household debt as % of Income in 2020

3.02

Household debt as % of Income in 2021

3.02

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

0.477

% of HouseHolds making between 50K and 75K

0.176

% of HouseHolds making between 75K and 100K

0.11

% of HouseHolds making between 100K and 200K

0.169

% of HouseHolds making more than 200K

0.067

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

0.060602345

Unemployment rate for county last 6 months

0.0425

Unemployment rate for county latest month

0.052

% of Homes Owner-occupied

0.507974635

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

0.01955291

% of mortgage defaults in 2020

0.007937898

% of mortgage defaults in 2021

0.015875795

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)

-0.164758769

Property Crimes ( % above or Below US average)

-0.035520525

Drinking water violations

Total number of violations

1220

Total number of health violations

Total number of contaminations