The 08701 ZIP code is located in Lakewood, N.J., and is located within the broader New York-Newark-Jersey City metropolitan area.
Like many urban ZIP codes, it’s relatively small area, at just 24.59 square miles, but large in terms of population, with 96,575 residents. There are also 2,416 business establishments that call this ZIP code home.
Buying a home in 08701
With a median home value of $283,400 compared to the national average of $178,600, prices for homes in this area are likely to be higher than in the national as a whole.
Buyers there may not have to do as much renovating as in other parts of the country to bring their home up to modern standards. The housing stock in the area is less antiquated than in the rest of the U.S.; a typical home was built in 1984, making the median home 33 years old, compared to 41 for the nation as a whole.
Paying for a home in this ZIP code might be a challenge, but finding one that fits your tastes may be relatively easy.
Data collected by the Census over the last 5 years show that the percentage of homes for sale has been above what’s been seen in the country at large, suggesting that there will be a decent amount of inventory for buyers to choose from.
Property taxes are an important thing for prospective homebuyers to keep an eye on when determining how much house they can afford. The median annual property taxes in the area are $6,464 a year, according to Census figures.
Something else that will affect your monthly ownership costs? What type of mortgage rate you get. Check out rates in your area now.
What to expect when you’re renting in 08701
Those seeking to rent in this ZIP code may have a hard time finding something that fits their budget. The median rent for a two-bedroom home is $1,223 a month, which is above the national median of $912.
For those looking for larger homes with 3 bedrooms, the median cost in the area is $1,533. For those looking for a smaller, 1-bedroom home, the median rent is $978. One thing to keep in mind about these figures: they’re “gross rents,” a term used by the Census to include the contract rent as well as the estimated average monthly cost of utilities and fuels.
How people get around
If you aren’t a fan of driving, this area could work for you. Residents there are less likely to commute by car than in the rest of the country, with 75.5 percent driving to work there versus 85.9 percent nationally. However, driving remains the most popular method to get to work there, beating out biking, walking and public transit.
No matter how they get to work, residents there can expect to save some time doing it. The typical commute there is 23.2 minutes, shorter than the national median of 27.4 minutes.
For parents or prospective parents, school quality is always a big issue. Public schools in the 08701 ZIP code aren’t as popular as those in many other parts of the country. The percentage of K-12 students attending private school there is 80.6 percent, higher than the national average.
Educational attainment in this ZIP trails behind the rest of the U.S. Residents are less likely to be college educated than those elsewhere in the country, with 16.2 percent holding at least a bachelor’s degree, compared to the national average of 18.5 percent.
Demographics and income
The proportion of older people in the 08701 ZIP code is higher than in the nation as a whole. The median age is 22.4 years old, compared to the national median of 37.6. Its residents are also more likely to be married than the national average.
Residents also tend to pull down less money than in other areas. The median household income is $40,983, compared to $53,889 for the U.S. as a whole. According to the most recent Census data, unemployment averaged 7.0 percent between 2011 and 2015. That was below the national average of 8.3 percent.
Sources: The data referenced on this ZIP profile comes principally from the most recent 5-year averages from the American Community Survey produced by the U.S. Census. Mortgage rates are from Bankrate.com’s database.