Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 8,815 people, 3,414 houses or apartments, and a median cost of homes of $651,582, real estate costs in Boonton are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in Boonton, accounting for 57.41% of the town's housing units. Other types of housing that are prevalent in Boonton include duplexes, homes converted to apartments or other small apartment buildings ( 23.63%), large apartment complexes or high rise apartments ( 9.81%), and a few row houses and other attached homes ( 9.15%).
The most prevalent building size and type in Boonton are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 55.31% owning and 44.69% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Boonton's housing was primarily built during this period, from the '40s through the '60s. A full 42.26% of the town's housing hails from this era. Other housing ages represented in Boonton include homes built before 1939 ( 34.24%) and housing constructed between 1970-1999 ( 19.15%). There's also some housing in Boonton built between 2000 and later ( 4.34%).
Boonton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Boonton during the period has been just 5.13%, which is lower than 80% of US communities.
Appreciation rates are so strong in Boonton that despite a nationwide downturn in the housing market, Boonton real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Boonton appreciation rates continue to be some of the highest in America, at 11.05%, which is higher than appreciation rates in 91.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Boonton. Boonton appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Boonton's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.
$651,582
$3,212 / per month