07670, Tenafly, NJ

The 7670 zip code of Tenafly, NJ has a median home value of $1,022,000 and a median home equity value of $269,000. The homeownership rate in the 7670 zip code is 66.8%, which is lower than the statewide average of 70.4%. The percentage of households that own their homes outright is lower in the 7670 zip code than the statewide average (53.9% vs. 63.7%), while the percentage of households that are mortgage-free is higher (10.5% vs. 6%).

There are a number of factors that may contribute to the lower homeownership rate in the 7670 zip code compared to statewide averages: younger age demographics, low incomes, and high levels of student loan debt among residents may all be contributing factors. Additionally, there are a number of neighborhoods in the 7670 zip code that have high concentrations of rental units (e.g., apartments), which may be contributing to decreased homeownerhip rates as well.

Despite these challenges, there are some positive indicators for homeownership rates in the 7670 zip code: relatively low levels of foreclosure activity relative to other parts of New Jersey and neighboring states, and relatively low levels of renter displacement activity relative to other parts of New Jersey and neighboring states suggest that many homeowners in this area are maintaining or increasing their ownership status over time.