07111, Irvington, NJ

Irvington, NJ is located in Essex County and has a population of approximately 21,000. The median household income is $101,000 and the median home value is $527,500. The 7111 zip code has a home equity rate of 66.9% and a home price index of 103.4%.

The Irvington area has seen strong growth over the past few years. In 2016, the Irvington area had an annual growth rate of 2.7%, which was higher than the national average of 1.9%. This growth can be attributed to several factors including increasing demand for housing in the area due to an influx of new residents and businesses, as well as favorable economic conditions.

One important factor that affects home prices is interest rates. When interest rates are high, it makes it more expensive for people to borrow money to buy a house or to refinance their existing mortgage. Over time, high interest rates can lead to decreased demand for homes and lower home prices. Conversely, when interest rates are low, more people are able to borrow money and this increases demand for homes and raises home prices. Currently, interest rates are relatively low which is helping to drive up home values in the Irvington area