07945, Mendham, NJ

The Mendham, NJ zip code of 7945 has a population of approximately 10,000 people. The median household income in this zip code is $128,000. The median home value in this zip code is $1,060,000.

Home equity and home prices are two important factors to consider when evaluating a potential purchase or sale of a home. Home equity is the difference between the market value of a home and the amount owed on the mortgage or loan that was used to purchase the home. Home prices are based on many factors including location, size and condition of the property, as well as current market conditions.

According to Zillow®, Mendham's current home price index is 116%, which is above average for ZIP codes in New Jersey (ZIP codes with an index over 100% are considered "hot"). However, despite being above average, Mendham's index has been declining since 2016 (the most recent year for which data is available). This suggests that there may be opportunities for buyers who are interested in purchasing homes in Mendham at below-market prices.

Mendham's current homeownership rate is 69%, which is lower than both New Jersey's statewide homeownership rate (77%) and Mendham's historical homeownership rate (which ranged from 80% to 85%). This suggests that there may be opportunities for buyers who are interested in purchasing homes in Mendham either as part of an investment or as their primary residence. Additionally, according to Zillow®, Mendham's rental vacancy rate was 2% as of January 2019 – below both New Jersey's statewide rental vacancy rate (3%) and Mendham's historical rental vacancy rate (which ranged from 4% to 6%). This suggests that there may be opportunities for buyers who are interested in purchasing homes in Mendham either as part of an investment or as their primary residence while also having access to potential rental income.