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 6,592 people, 2,641 houses or apartments, and a median cost of homes of $528,778, Rockaway real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Rockaway, accounting for 55.65% of the borough's housing units. Other types of housing that are prevalent in Rockaway include large apartment complexes or high rise apartments ( 29.51%), duplexes, homes converted to apartments or other small apartment buildings ( 9.35%), and a few row houses and other attached homes ( 4.82%).
The most prevalent building size and type in Rockaway are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 60.90% owning and 39.10% 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. Rockaway's housing was primarily built during this period, from the '40s through the '60s. A full 43.19% of the borough's housing hails from this era. Other housing ages represented in Rockaway include homes built between 1970-1999 ( 31.04%) and housing constructed before 1939 ( 23.97%). There's also some housing in Rockaway built between 2000 and later ( 1.80%).
Rockaway's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Rockaway during the period has been just 4.95%, which is lower than 80% of US communities.
Appreciation rates are so strong in Rockaway that despite a nationwide downturn in the housing market, Rockaway real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rockaway appreciation rates continue to be some of the highest in America, at 11.17%, which is higher than appreciation rates in 91.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rockaway. Rockaway 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 Rockaway's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Rockaway differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rockaway - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rockaway real estate investment or home purchase decisions.
$528,778
for New jersey
for nation
2,641
$3,043 / per month