ZIP Code 07403 Housing Market

📝 Local Market Notes

The housing market in ZIP code 07403, located within Passaic County, New Jersey, exhibits a robust upward trajectory over the past five years. The Home Price Index (HPI) has expanded significantly from 184.97 in 2021 to 278.06 in 2025, reflecting a cumulative appreciation of approximately 50 percent. This sustained growth indicates a strong demand environment that has outpaced broader regional trends. The most recent year-over-year increase of 10.81 percent underscores the continued momentum in this specific sub-market, distinguishing it from the more moderate county-wide growth of 6.75 percent and the state average of 4.53 percent. This divergence signals that ZIP 07403 is experiencing localized price pressures that exceed the general Passaic County and New Jersey averages. While nearby ZIP 07504 shows a contraction of 7.98 percent and ZIP 07421 remains relatively flat at 1.86 percent, 07403’s outperformance suggests distinct local drivers, such as limited inventory or specific demographic demand. The parent county’s median home value of $459,500 and median household income of $87,522 provide context for the broader economic landscape. However, the high HPI level of 278.06 implies that individual properties in 07403 may command premiums above the county median, positioning the area as a mid-to-upper-tier sub-market rather than an entry-level zone. The owner-occupancy rate of 53.1 percent in the county further suggests a balanced mix of ownership and rental activity, though the rapid price appreciation in 07403 may be shifting the local dynamic toward higher equity accumulation for current homeowners. For prospective buyers, the data indicates a competitive environment where prices are rising faster than the surrounding region. With the 30-year mortgage rate fixed at 7.40 percent, the cost of entry in ZIP 07403 requires careful financial planning. The 10.81 percent annual increase suggests that waiting may result in significantly higher purchase prices. Residents should note that while the county offers a median gross rent of $1,621 per month, the rapid equity growth in 07403 makes ownership a potentially more stable long-term investment compared to renting in a market with such pronounced price momentum. The five-year trend confirms that this is not a temporary spike but a consistent pattern of value appreciation within this specific geographic boundary.

Based on FHFA House Price Index data.