07062, Plainfield, NJ

The home equity and home prices in the 7062 zip code of Plainfield, NJ are reflective of the overall market conditions in the area. Over the past five years, home values have increased by an average of 5.4%. This is significantly higher than the national average of 3.5%, but it is also consistent with other areas in New Jersey that have seen stronger growth rates over this period.

There are a number of factors that contribute to home value growth, including population growth, increases in wages and salaries, and improvements to the local economy. In addition, there is always a degree of speculation involved in housing markets, which can lead to short-term fluctuations in prices.

Overall, homeownership remains a key factor in determining home value appreciation rates. In the 7062 zip code, 68% of households are owner-occupied compared to 31% who are renter-occupied. This reflects well on the local economy as it indicates that there is strong demand for residential properties here. Furthermore, many homeowners have taken advantage of low interest rates over recent years by refinancing their mortgages multiple times – an indication that they believe their property values will continue to rise.