07002, Bayonne, NJ

Bayonne, NJ is located in the 7002 zip code. According to the 2010 census, the population of Bayonne was 54,876. The median household income in Bayonne was $81,521. Home prices in Bayonne have increased significantly over the past few years and are now among some of the highest values in the state.

The average home price in Bayonne as of March 2016 was $269,000. This represents a growth of over 100% since 2013 when the average home price was $158,000. The 7002 zip code has seen particularly strong growth over this time period with an annualized rate of growth of 12%. This high level of growth has led to significant increases in home equity for residents within this zip code. As of March 2016, the median home equity within the 7002 zip code was $187,500. This represents a significant increase from just two years ago when the median home equity within this zip code was only $60,000.

The reasons for this strong level of growth in home prices within the 7002 zip code are unclear and likely vary depending on each individual's situation and market conditions. Some possible explanations include: increasing demand for housing due to an influx of new residents into Bayonne; increasing demand for housing due to an increase in job opportunities; increased interest rates which make purchasing a house more affordable; and limited supply due to stricter zoning regulations that may make it difficult to build new homes or convert existing homes into apartments or condos.

Regardless of why these prices have increased so rapidly, it is clear that homeownership rates within this area are among some of the highest in New Jersey and that those who do own their homes are seeing significant increases in their home equity values. While there is still room for further appreciation within this market sector, it appears that Bayonne homeownership rates will continue to rise over time as more people become interested in buying or investing property here."