COMPREHENSIVE HOUSING MARKET ANALYSIS Camden, New Jersey

U.S. Department of Housing and Urban Development Office of Policy Development and Research As of May 1, 2017

Summary

Economy homes that may reenter the market likely will satisfy part of the forecast Housing Market Area Although payrolls are still below demand. their 2006 peak, job growth in the Camden HMA since 2015 has been Rental Market strong. During the 12 months ending Pennsylvania Bucks Mercer The overall rental housing market in Monmouth April 2017, nonfarm payrolls in the Montgomery HMA increased by 12,900 jobs, or the HMA is slightly soft, with an Chester New Jersey Philadelphia Ocean estimated vacancy rate of 7.3 percent, Delaware Burlington 2.5 percent. State-based incentives down from 8.6 percent in April 2010. Delaware Camden established in 2013 engendered strong Gloucester job growth in the manufacturing and Despite relatively high levels of apart­ Salem ment construction activity since 2013, Atlantic the transportation and utilities sectors New Castle Cumberland and significant commercial construc- the apartment market is balanced, with Delaware Bay Atlantic Ocean tion activity in the city of Camden. a vacancy rate of 4.7 percent as of the The Camden Housing Market Area Job gains are expected to continue first quarter of 2017 (Axiometrics, Inc.). (HMA) is coterminous with the Camden, during the 3-year forecast period, During the forecast period, demand is NJ Metropolitan Division in South albeit at a more modest pace of 7,900 expected for 2,725 new market-rate New Jersey and comprises Burlington, jobs, or 1.5 percent, annually. rental units (Table 1). The 770 apart- Camden, and Gloucester Counties. The ments under construction will satisfy HMA is a largely suburban community Sales Market some of the forecast demand. and is a regional hub for healthcare services and higher education in South ­ The sales housing market in the HMA Table 1. Housing Demand in the New Jersey. The city of Camden is the is slightly soft, with an estimated Camden HMA During the most populous of the 101 townships, vacancy rate of 1.3 percent. Existing Forecast Period boroughs, and cities in the HMA but home sales have increased since 2012, Camden HMA represents only 6 percent of its popula- but high levels of foreclosures in the Sales Rental HMA have contributed to declines in Units Units tion. Total demand 2,675 2,725 average sales prices and have limited Under construction 300 770 growth in single-family home con­ Notes: Total demand represents estimated struction activity. During the forecast production necessary to achieve a balanced period, demand is expected for 2,675 market at the end of the forecast period. Units under construction as of May 1, 2017. new homes (Table 1). The 300 homes A portion of the estimated 22,950 other currently under construction and a vacant units in the HMA will likely satisfy some of the forecast demand. The forecast Market Details portion of the 22,950 other vacant period is May 1, 2017, to May 1, 2020. Source: Estimates by analyst Economic Conditions...... 2 Population and Households...... 6 Housing Market Trends...... 8 Data Profile...... 14 Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 2 Table 2. Source: U.S.Bureau ofLaborStatistics averages through April 2016and April 2017. Notes: Numbers may notaddtototalsbecauseof rounding.Basedon12-month Total nonfarmpayroll jobs Service-providing sectors Goods-producing sectors Government Other services Leisure &hospitality Education &healthservices Professional &businessservices Financial activities Information Transportation &utilities Wholesale &retail trade Manufacturing Mining, logging,&construction Economic Conditions 12-MonthAverage NonfarmPayroll Jobsinthe by Sector April 2016 464,700 523,100 78,600 18,400 45,300 92,400 77,500 29,000 19,700 96,800 36,200 22,200 58,400 12 MonthsEnding 7,000 12,300 jobs, or2.4percent.Growth date, withanaverage annual gainof strong from2015throughthecurrent growth intheHMAwas particularly the previous 12months(Table 2).Job 2.5 percent,fromtheaverage during 12,900jobs, or jobs, anincreaseof rolls intheHMAaveraged 536,000 payending April2017,totalnonfarm been recouped.Duringthe12months jobs lostfrom2007through2011had thenearly 40,000 and 86percentof 5,500 jobsbelow theirpeakin2006, ending April2017,payrolls were only the12months since 2012.Asof T 8,000 jobs, or1.5percent,annually. 2007 through2011byanaverage of Total payrolls nonfarm declinedfrom andutilitiessectors.transportation declined inthemanufacturing andthe 11sectorsbut Jobs increasedin9of 6,800 jobs, or 1.3 percent, annually.of payrollsfarm increasedbyanaverage 2000s. From 2001through 2006,non expansion intheearly the rateof through 2014,andwas nearly twice 1,900 jobs, or0.4percent,from2012 than theaverage annual additionof since 2015hasbeensignificantly faster Camden HMAhave increased payrollsotal nonfarm inthe April 2017 476,200 536,000 79,200 18,500 47,000 95,400 78,400 30,400 22,600 97,900 37,200 22,600 59,900 6,800 Absolute Change 11,500 12,900 1,700 3,000 1,400 2,900 1,100 1,000 1,500 Camden – 200 600 100 900 400 Change Percent – 2.9

14.7 HMA, 0.8 0.5 3.8 3.2 1.2 4.8 1.1 2.5 2.8 1.8 2.6 2.5 - -

which increased14.7percent,orby andutilitiessector,the transportation 12 monthsendingApril2017was in The largest percentage gainduringthe (Camden County). Camden state, includingthecityof and targeted low-income areasinthe including logisticsandmanufacturing, mercial investment inselectindustries, 2013 thatprovided incentives forcom­ Jersey Actof EconomicOpportunity theNew was, aneffectof inpart, date from 2015throughthecurrent declined. Thestronggrowth injobs this period,althoughmostothersectors sector continued toincreaseduring The educationandhealthservices HMA since 2015. Holtec International, HMA since2015.HoltecInternational, sector hasbeenaddingjobsin the manufacturing sectorsince 2000,the Despite a31-percentdeclinein the the 12monthsendingApril2017. by 1,000jobs, or2.8percent,during The manufacturing sectorincreased the sector(ColliersInternational). Inc., addingasmany500jobsto and was fully leasedtoXPOLogistics, (Gloucester County)inDecember2016 was completed inLoganTownship sector. Anotherdistributionfacility andutilities jobs tothetransportation in late2016,addingmorethan500 Florence Township (BurlingtonCounty) leased anorderfulfillmentcenterin from onlinesales. Amazon.com,Inc., population centerstofulfilldemand retailers tobuildwarehouses nearmajor growth ine-commercehasprompted 2010(U.S.of CensusBureau).The percent annually since the first quarter 2017,have grown 15 of first quarter the billion intheUnitedStatesasof in whichonlinesales, valued at$105.7 the substantialgrowth ine-commerce, 2,900 jobs. Thesectorbenefitedfrom

Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 3 Source: U.S.Bureau of LaborStatistics Note: Current isbasedon12-month averages through April 2017. Figure 1. – 40 Economic Conditions SectorGrowthinthe – 30 – 20 –

– 10 Continued Camden HMA 0 past year was innondurablegoods the growth inmanufacturing inthe 3,450 workers. Nearly 70percentof (Burlington County)employs about facility inMoorestown Township whose Corporation, Lockheed Martin largest manufacturers intheHMAis the expands through2020.Oneof manufacturing jobs, asproduction may adduptoseveral hundredmore center andamanufacturing plantand investment includesatechnology Camden.The campus inthecityof $300milliontechnology constructed, the manufacturing sectoratanewly industry,the energy added240jobsin industrialequipmentto a supplierof From date, 2000throughthecurrent which added2,500jobs, or3.0percent. care andsocialassistanceindustry, this growth was inthehealth­ Most of 3,000jobs, or3.2percent. increase of months endingApril2017withan sector ledjobgrowth duringthe12 The educationandhealthservices County) inJune 2016,adding70jobs. in GlassboroBorough(Gloucester opened anew foodproductionfacility dustries. Liscio’s ItalianBakery, Inc., 10 , PercentageChange,2000toCurrent 20 30 40 - is the largest in the HMA and accounts The wholesaleandretailtradesector the new facilityisunavailable. full-timejobsaddedat the number of sector.health services Anestimateof adding jobstotheeducationand (Camden County)inOctober2016, HillTownshipcenter inCherry phia, openedanoutpatienthealthcare Philadel Pennsylvania inthecityof theUniversity of medical affiliateof assistance industry. Penn Medicine, a gain was inthehealthcareandsocial any othersector, andnearly allthe 41 percent(Figure1),morethan sectorincreased and healthservices jobsintheeducation the number of retail tradesectorincreasedby1,100 trade subsector. Thewholesaleand County), adding800jobstotheretail in GloucesterTownship (Camden mium OutletsopenedinAugust 2015 retail tradesubsector. GloucesterPre gainsinthe 2014, mostly becauseof the tradesectorhave increasedsince date,2000 throughthecurrent jobsin an overall 3-percentdeclinefrom payrollsnonfarm (Figure 2).Despite total for morethan18percentof 50 Total nonfarmpayroll jobs Service-providing sectors Goods-producing sectors Education &healthservices Professional &businessservices Financial activities Transportation &utilities Manufacturing Government Other services Leisure &hospitality Wholesale &retail trade Mining, logging,&construction Information - - Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 4 Source: InfoUSA at JointBaseMcGuire-Dix-Lakehurst areinadjacent OceanCounty. not includedinnonfarm payrollsurveydata. A portionofthepersonnel andemployees Notes: Excludes local schooldistricts.Datainclude militarypersonnel,whoaregenerally Table 3. Rowan University PHH MortgageCorporation Lockheed MartinCorporation Campbell SoupCompany Burlington CoatFactory Bancroft BrainInjuryServices American WaterWorksCompany,Inc. Virtua Health,Inc. Joint BaseMcGuire-Dix-Lakehurst Cooper UniversityHealthCare Economic Conditions

Name ofEmployer Major Employersinthe

Continued Camden Government Financial activities Manufacturing Manufacturing Wholesale &retailtrade Education &healthservices Transportation &utilities Education &healthservices Government Education &healthservices Nonfarm Payroll Sector March 2017 of two Macy’s depart March 2017of offsetting thisgainwas theclosurein months endingApril2017.Partially jobs, or1.1percent,duringthe12 through the current date. Part of this date.through thecurrent of Part or 3.0percent,annually, from2012 however, 400jobs, byanaverage of state government subsectorincreased, expansion thatbeganin2012.The economic periodof during thecurrent date,2000 throughthecurrent andalso subsectors—declined 3percentfrom including local,state, andfederal the government sectorasawhole— 12 monthsendingApril2017.Jobs in 600 jobs, or0.8percent,duringthe The government sectorincreasedby the companyisclosingnationwide. storesthat thedozens of are two of 200 employees combined;thesestores ment storesintheHMA,withnearly Source: U.S.BureauofLaborStatistics Note: Basedon12-monthaveragesthrough April 2017. Figure 2. HMA Education &healthservices17.8% Leisure &hospitality8.8%

Current NonfarmPayroll Jobsinthe Professional &businessservices 14.6% Other services3.4% Government 14.8% Government 1,000-4,999 1,000-4,999 1,000-4,999 1,000-4,999 1,000-4,999 1,000-4,999 1,000-4,999 Employees Number of 5,000+ 5,000+ 5,000+ -

cluding amaincampusinGlassboro multiple locationsintheHMA, University, apublicuniversity with growth was new facultyatRowan the late2000s. However, asignificant activity intheHMAplummeted in 2011 assingle-family homebuilding declined strongly from2007through ending April2017.Jobs inthissector 1.8 percent,duringthe12months tion sectorincreasedby400jobs, or The mining, logging, andconstruc Service). nomic Advisory expenditures in2010(Rutgers Eco­ estimated at$2.94billion,basedon New Jersey was base onthestateof the The annual economic impactof employers intheHMA (Table 3). thelargest Counties, andisoneof BurlingtonandOcean of portions base, military multiservice spanning Base McGuire-Dix-Lakehurstisa New Jersey (EconsultSolutions).Joint 9,200jobsintheStateof supports eco Rowan University hasanannual ­Effectiveness, Research andPlanning). Institutional University Officeof students inOctober2012(Rowan up from1,125facultyand12,200 students, 17,350full-andpart-time of facultyandanenrollment instructional University hadapproximately 1,575 Borough. InOctober2016,Rowan Mining, logging,&construction4.2% nomic impact of $1.23billion and ­­nomic impactof Manufacturing 6.9% Financial activities5.7% Camden HMA Information 1.3% Transportation &utilities4.2% Wholesale &retail trade18.3% , bySector - - Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 5 Source: U.S. BureauofLabor Statistics Figure 3. Labor force and resident employment Economic Conditions 670,000 720,000 520,000 570,000 620,000 ment Rateinthe Trends inLaborForce,ResidentEmployment,andUnemploy

Labor force 2000

2001

2002

2003

2004

Continued

2005 Camden HMA, Resident employment 2006

2007

2008 2017, was estimatedtocreate1,500 front development thatbeganinMarch Works Company, Inc., anotherwater ­ forAmericanWaterheadquarters thenew of The ongoingconstruction jobs.estimated 1,150construction Camdencreatedan in thecityof that beganJuly 2015onthewaterfront campusforHoltecInternational ogy thetechnol date. of Theconstruction annually, from2015throughthecur an average 900jobs, or4.3percent, sectorincreasedby and construction sector; jobsinthemining, logging, prompted strongjobgrowth inthe activity intheHMArecentyears increase incommercialconstruction of stronger job growth. However,of as workers retiredormoved toareas due to a contraction in the labor force, in theratethrough2014was entirely during 2010(Figure3).Thedecline declined sincepeakingat10.1percent phia. Theunemployment ratehas Philadel­ areas, particularlythe city of job growth intheHMAandnearby improved inrecentyears becauseof Labor marketconditionsintheHMA completion 2016. inSeptember inearly 2015through groundbreaking jobsfromits mated 380construction Rowan University createdanesti at new $145milliondormitory The sector.logging, andconstruction bolstered jobgrowth inthemining, in 2019.Institutionalinvestment also jobsthroughcompletion construction

2009

2010 2000Through2016

2011

2012

2013

Unemployment rate 2014

2015

2016 10.0 12.0 2.0 4.0 6.0 8.0 - rent ­rent

Unemployment rate - - During the3-year forecastperiod,non ­ the previous 12months. 5.5percent during from anaverage of HMA averaged 4.7percent,down 2017, theunemployment rateinthe During the12monthsendingApril employment growth intheHMA. current date, contributingtoresident annually from2015throughthe percent payrollsnonfarm expanded 2.1 where Philadelphia, to jobsinthecityof theHMAcommute residents of working force. About11percentof doubled themodestincreasesinlabor resident employment thatmorethan 2015 hasbeenstrongincreasesin factorinthedeclinesince the greater to consolidate several existing offices BAYADA Home HealthCareplans renovation isunavailable. Inaddition, full-timejobsaddedthroughthis of thenumber 2019. Anestimateof to begininlate2017andfinish in a new inpatienttower andisexpected 2017. Thesecondphasewillinclude is expected to be complete in late May cludes anew OutpatientPavilion that first phase beganinApril2015 and in HillTownship.campus inCherry The itsmedical million renovation of University a$250 Hospitalundertook providers intheHMA.Kennedy improvements bymajor healthcare large-scale capital becauseof in part, the HMAduringforecastperiod, sector likely willleadjobgrowth in The educationandhealthservices April 2010. HMA, whichhaslargely stalledsince stronger populationgrowth inthe This economicgrowth shouldbolster tinue toincreaseinyears following. thefirstyear andtocon the endof to reachanew peakfortheHMAby or 1.5percent.Payrolls areexpected annually 7,900jobs, byanaverage of farm payrolls areexpected toincrease - - Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 6 Population andHouseholds Economic Conditions

Continued ­nu­ 2,425,or0.2percent,an ­ increase of July 1),thenslowed toanaverageas of decennial census, populationestimates 2000 toJuly 2006(U.S. CensusBureau or 0.7percent,annually, fromApril tion 8,725, increasedby anaverage of (Figure 4).Bycomparison,thepopula­ 190 people, orlessthan0.1percent with anaverage only annual increaseof date,from April2010tothecurrent tion remained relatively unchanged estimated at1.25million.Thepopula­ A April 2017 to construct anew order- April 2017toconstruct Amazon.com announcedplansin completion inmid-2017.Inaddition, andutilitiessectoron transportation is expected toadd220jobsthe 2016 inFlorenceTownship and LLC beganinAugustInternational, ters forQualityPackaging Specialists new warehouse facilityandheadquar ona Construction are constructed. the forecastperiodasnew warehouses likely willcontinue toaddjobsduring andutilitiessector The transportation sectorinlate2019. services 160 jobstotheeducationandhealth Township (CamdenCounty),adding into asinglelocationinPennsauken firm, isplanninga$148million firm, LLC,EMR Eastern, ametalrecycling modestly duringtheforecastperiod. trade sectorarelikely toincrease sector. Jobs inthewholesaleandretail jobstothe unannounced number of that openedin2014,addingacurrently to expand facility anexisting sortation fulfillment centerinLoganTownship ally, from July 2007toApril2010. tion of the Camden HMAis theCamden tion of May 1,2017,thepopu­ of s la­ - -

sector. Finally, planswere announced job growth inthemanufacturing utilities sector, andindirectly support and job gainsinthetransportation capacity,its current directly support cargo facilitythatwould nearly triple and anexpansion isplannedforthe in GloucesterCountyMarch2017, Paulsboro MarineTerminal opened sectors duringtheforecastperiod.The implications forgrowth inmultiple Two otherplannedinvestments have 2018. the sectoroncompletioninSeptember space, addinganestimated285jobsto include new officeandwarehouse Camdento expansion inthecityof round­ tosur­ city ratherthan migrating prompting residentstoremain inthe homesinthe late1990s,constructed estate taxabatementsfornewly Philadelphiaenactedreal The cityof Philadelphia. area fromthecityof intothe lessmigration because of within thisperiod,however, partially progressivelyin-migration slowed averaged 4,200peopleannually. Net 2000 toJuly 2006,netin-migration From netout-migration. April of late 2000shasbeenprimarily because Slowed populationgrowth sincethe jobs throughcompletioninmid-2019. sectors andcreating680construction 200 new jobstovarious permanent real estatedevelopment adding firm, brokerage, alogisticscompany, anda will houseofficesforaninsurance Camdenthat waterfront inthecityof officebuildingalongthe 18-story in March2017fora$245million, ing suburbs, including theHMA. Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 7 estimates byanalyst Sources: 2000and 2010—2000Censusand2010Census; currentandforecast— Notes: Thecurrent dateisMay1,2017.Theforecast dateisMay1,2020. Figure 5. Population andHouseholds

Average annual change – 3,000 – 2,000 – 1,000 1,000 2,000 3,000 4,000 5,000 0

2000 toForecast Components ofPopulationChangeinthe 2000 to2010 Net naturalchange

Continued mately 4,425peoplemoved intothe From 2005through2009,approxi estimates byanalyst Sources: 2000and2010—2000Census2010Census;currentforecast— Notes: ThecurrentdateisMay1,2017.forecast2020. Figure 4. people fromApril2000to2010, minus residentdeaths)averaged 4,825 Net naturalchange (residentbirths the slow populationgrowth (Figure5). alsocontributedto births number of April 2010,althoughadeclineinthe averaged 2,725people, annually, since has April 2010.Netout-migration people annually fromJuly 2006to and netout-­ during 2007exacerbated thistrend, contraction thatbeganintheHMA Census Bureau).Theeconomic people from1996through2000(U.S. down significantly fromthe24,300 Philadelphia, HMA fromthecityof 2010 tocurrent Average annual change 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0

Population andHouseholdGrowth inthe 2000 toForecast migration averagedmigration 2,900 Net migration 2000 to2010 Current toforecast Camden HMA, Population - 2010 tocurrent

annually fromApril2010tothe 2,925people then felltoanaverage of April 2000to 2010.Arisein 3,075, or 0.7 percent, from increase of compared withanaverage annual 45,or lessthan0.1percent, average of relatively unchanged, increasingbyan householdsremained the number of From date, April2010tothecurrent May 1,2017. reside intheHMAasof An estimated461,900households homebuilding activity inrecentyears. ened demandforhomesandrestrained slow growth weak inthisage group Survey [ACS] 5-year data),and the (2011–2015 AmericanCommunity HMA ages 45to64arehomeowners householdersinthe 81 percentof conditions intheearly 2010s. About weak economic consequence of April 2010toJuly 2016,partially asa increased byonly 310,annually, from However,age groups). thecohort declinesinother annually becauseof only 6,375 was anetincreaseof April 2010(overall populationgrowth 8,375fromApril2000to average of increasedbyan This age cohort date.from April2010tothecurrent ages 45to64was particularly slow residents Growth inthepopulationof date.current Households Camden HMA, Current toforecast

- Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 8 Population andHouseholds Housing Market TrendsHousing analyst Sources: 2000and2010—2000Census2010Census;current—estimatesby Note: ThecurrentdateisMay1,2017. Figure 6. 100,000 150,000 200,000 250,000 300,000 350,000 50,000 0

2000 toCurrent Number ofHouseholdsbyTenureinthe 2000

Continued Renter than offsetthedeclineinowner Renter households, meanwhile, more April2010(Figure6). households asof total households and74.4percentof households, down from343,536owner total 331,400, or71.7percentof households iscur owner since April2010.Thenumber of owner house­ in thenumber of foreclosures has contributed toa decline have increasedsince 2012. Duringthe existing homes intheHMA Sales of period. activity inthe mostrecent12-month home salespriceandhomebuilding to declinesinboththeaverage existing- HMA remainedhighandcontributed foreclosedhomesinthe The level of months inApril2010(TRENDMLS). 7.5 monthsayear earlierand12.6 was available forsale, down from existing homes 5.7-month supply of April2017,a in April2010.Asof 1.3 percent,down from1.6percent soft, withanestimatedvacancy rateof Camden HMAiscurrently slightly The saleshousingmarketinthe Sales Market 2010 Owner ­rently estimatedat Camden HMA, Current holds

­ 930, or0.2percent,annually. In- expected toincreasebyanaverage of householdsis and thenumber of 2,325,or0.2percent,annually,age of tion is expected to increase by an aver continued economicgrowth. Popula is expected tostrengthenbecauseof growth inpopulationandhouseholds During the3-year forecastperiod,the data fortheHMA. nomic, demo­ displays additionaleco this report recent years. Table DP-1attheendof demandintheHMA apartment dateandgeneratingthe current strong gain inhouseholdsfromApril2010to households, leadingtotheslightnet of anincrease in homessoldthrough of increase since2012 hasbeenbecause the to 19,300homessold.Mostof annually from2012through2015, increas 8,825,and 2011, toalevel of through 16percentannually from 2006 of able), beforedeclininganaverage during 2005(theearliestdataavail existing homesalestotaled 25,150 Wood Company).Bycomparison, 12 months(Metrostudy, AHanley from 20,650salesduringtheprevious ums) totaled23,450,up14percent homes, townhomes, andcondomini home sales(includingsingle-family 12 months ending April 2017, existing the forecastperiod. 450peopleduring of net in-migration forecast, resultinginanaverage annual out-­ isexpectedmigration tosurpass migration in later years of the inlateryearsmigration of ­ing 22percent anaverage of graphic, andhousing - - - - - Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 9 Sales Market Market TrendsHousing Continued from theaverage duringtheprevious averaged $196,700,down 4percent for existing homessoldintheHMA months endingApril2017,salesprices home salesprices. Duringthe12 tributed todeclinesinaverage existing REOhomescon ­ the riseinsalesof than salespricesforregularresales, HMA aretypically 45percentless sales pricesforREOhomesinthe months endingApril2017.Because existing homesalesduringthe12 total 2011 to4,225and19percentof totalexisting homesalesduring of homes rosefrom970and11percent REO owned (REO)homes. Salesof realestate foreclosure andsalesof The rateforNew Jersey was lower, in were 5.3and2.4percent,respectively. and thenationduringMarch 2017 By comparison,ratesforNew Jersey cent ayear earlier(CoreLogic, Inc.). or inREOstatus, down from9.1per­ in theHMAwere seriously delinquent mortgages 2017, March 7.0 percent of January 2013(CoreLogic, Inc.). Asof the HMApeakedat12.8percentin January 2010,whereastheratefor 8.6percentin rate reachedahighof than inthenation.Thenational later andremainshigherintheHMA tioned toREOstatuspeakedmuch or inforeclosure)thathadtransi (loans 90ormoredays delinquent seriously delinquentmortgages of 2016).For thisreason,thelevelter of quar thefourth Data Solutions, as of with 803days nationally (ATTOM 1,383days,an average compared of thelongest inthenation,at is oneof The foreclosureprocessinNew Jersey homes soldduring2015. 1percentannually to$206,000for of during 2006,thendeclinedanaverage during 2005,peakedat$234,500 home salespricesaveraged $222,800 12 months. Bycomparison,existing- - - closings fell14percentfrom950dur Hanley Wood Company).Observed months ayear earlier(Metrostudy, A 2017,upfrom7.1 thefirstquarter of as modelhomes)was 7.8months, as finished butvacant homes, andbuilt and townhomes underconstruction, homes (includingsingle-family homes new recently slowed. Thesupply of closings anced, althoughthepaceof The new homessalesmarketisbal than intheCamdenHMA. ratesarelower unemployment where Morris, andSomersetCounties, New Jersey, includingHunterdon, Northern of delinquency inparts serious low ratesof becauseof part, the early 2000s. From 2000through activity during below thevolume of economic recovery in 2012 and iswell the modestly sincethebeginningof family hasincreased homespermitted, single-­ as measuredbythenumber of Single-family homebuilding­ 40percentduring2012. premium of the previous 12monthsandupfroma April 2017,upfrom70percentduring duringthe12monthsending greater home salespriceswere 76percent with existing-home salesprices, new the previous 12months. Compared unchanged fromtheaverage during sold intheHMAaveraged $346,500, homes new 2017, sales prices for months ending 12 April the During annually from2013through2015. 5percent then, increasedanaverage of $290,700during2012,and a low of average new homesalespricereached peaking at$394,300during2007,the price contributedtothedecline. After price andtheaverage new homesales tween theaverage existing-home sales March 2017.Thewideninggapbe to 820duringthe12monthsending ing the12monthsendingMarch2016 activity, - - - Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 10 Table 4. Source: U.S.CensusBureau,BuildingPermitsSurvey;estimates by analyst Notes: Includestownhomes.Currentincludesdatathrough April 2017. Source: Estimates byanalyst The forecastperiodisMay1,2017, toMay1,2020. 22,950 othervacantunitsinthe HMA willlikelysatisfysomeoftheforecastdemand. Notes: The300homescurrently under constructionandaportionoftheestimated Figure 7. 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 500 Sales MarketContinued Market TrendsHousing 0

500,000 400,000 300,000 200,000 160,000 Estimated DemandforNewMarket-RateSalesHousing in the CamdenHMA 2000 to Current Single-Family HomesPermittedinthe From

Price Range($) 2001

2002

2003 and higher

499,999 399,999 299,999 199,999 2004 To 2005 During theForecast Period

2006

2007

2008 occurs throughouttheareabutis in theHMA.Homebuildingactivity subdivisions were actively marketed 2017,86 of thefirstquarter As of data). months (preliminary duringthepreviouspermitted 12 down 9percentfrom1,350homes homes were intheHMA, permitted ending April2017,1,225single-family during 2016.Duringthe12months to nearly 1,400homespermitted thenext 5years, increased during4of during 2011.Homebuildingactivity 1,025homespermitted to alow of fell precipitously in2006 starting and joblosses, activity construction With slowing populationgrowth were annually permitted (Figure7). 4,325homes 2005, anaverage of

Demand 2009 Units of 130 670 800 800 270 2010

2011 Camden HMA,2000 2012

2013

2014 Percent of Total 25.0 30.0 30.0 10.0

5.0 2015

2016

2017 Medford Township (Burlington concentrated inGlassboroBorough, from $237,990 to $273,990. In Marlton, from $237,990to$273,990.InMarlton, and isplannedfor60homespriced Grande atCamelotbeganinmid-2016 TheVillage on thethirdsectionof ment onhomepurchases. Construction a5-year taxabate becauseof in part, anysubdivision, the HMA,mostof theobserved closingsin 10 percentof the subdivision accountedforabout 2017, of 2005. Duringthefirstquarter beganin been builtsinceconstruction whichhavefor active adults, 370of planned for440single-family homes Grande atCamelotisacommunity In GlassboroBorough,TheVillage designated placeinEvesham Township. County), andinMarlton,aCensus- (Table 4). priced from$200,000to$399,999 and bestrongest fornew homes at$160,000 homes isexpected tostart forecast demand.Demandfornew the of satisfy anadditionalportion may reenterthemarketandcould estimated 22,950othervacant homes the Someof and netout-migration. foreclosures 2010, partiallybecauseof increased significantly sinceApril in theHMAisestimatedtohave othervacant homes the number of thedemand.Inaddition, of a portion rently willsatisfy underconstruction recedes.further The300homescur foreclosedhomes as theinventory of estimated tobestrongest inlateryears condominiums (Table 1).Demandis single-family homes, townhomes, and demand isexpected for 2,675 new During the3-year forecastperiod, priced from$550,990to$609,990. struction, with40 single-family homes Hayvervill atEvesham isundercon ­ ­ ­ ­ Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 11 Housing Market TrendsHousing analyst Sources: 2000and 2010—2000Censusand2010Census; current—estimatesby Note: Thecurrent dateisMay1,2017. Figure 8. 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 acancy Ratesinthe Current Rental V 2000 6.3 Continued Rental Market with a vacancy rate of 4.7percent with avacancy rateof marketisbalanced, The apartment 1-year data). percent in2015(2010andACS vacant, for-rentstockin2010and24 the market, comprising20percentof increasingly shiftedtotherental the early 2010s, single-family homes softsalesmarketconditionsin of (2015 ACS 1-year data).Asaresult households live insingle-family homes renter Approximately one-thirdof in early 2013,asdetailedpreviously. foreclosures intheHMAthatpeaked delinquencyand mortgage quence of This shiftintenure was likely aconse to theCamdenHMAareunavailable). can HousingSurveydata;dataspecific 22percent(2015Ameri of proportion housing units, higherthanthenational area moved fromowner-occupied 2015 inthePhiladelphiametropolitan that moved or intorentalunitsin2014 households rate. Nearly 30percentof decline intheoverall rentalvacancy up householdscontributedtothe homeownersfrom former ordoubled- April 2010(Figure8).Rental demand percent, down from8.6percentin 7.3 with anestimatedvacancy rateof in theCamdenHMAisslightly soft, The overall rentalhousingmarket 2010 8.6 Camden HMA,2000to Current 7.3 ­ - to October2016.Enrollment growth students annually fromOctober2013 1,300 increased byanaverage of enrollment atRowan University with 1,415beds. Totaldormitory Holly Pointe Commons, a 2016 of theopeninginSeptember because of 63 percentayear earlier, inpart, This sharewas down slightly from campusinOctober2016. lived off students undergraduate 62 percentof 17,350students, total enrollmentof data). AtRowan University, witha tion intheHMA(2015ACS 1-year therenterpopula about 7percentof Off-campus college studentscomprise 2012through2017. of the firstquarters 2percentannuallyan average from of year earlier. Theaskingrentincreased 2017,up2percentfroma of quarter asking rentwas $1,191duringthefirst the ratewas 7.3percent.Theaverage 2012,when of since thefirstquarter ment vacancy rateinmostquarters year-over-year- declinesintheapart household growth hascontributedto activity since2013,strongrenter construction apartment high level of (Axiometrics, Inc.). Despitearelatively slightly from4.8percentayear earlier 2017, down of thefirstquarter as of least 2024. new oncampusuntilat dormitories campus, andnoplansexist tobuild Rutgers University-Camden live off studentsat More than90percentof InstitutionalResearch). sity Officeof from October2010(Rutgers Univer- students 320 by October2016,up of 6,475 full-andpart- Camdenhadan enrollment city of of Rutgers University-Camden inthe college studentsintherentalmarket. off-campus increasing thepresenceof 2023, annually throughOctober is expected toaver ag ­ time studentsas ­ e 1,100 students e 1,100students

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Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 12 Sources: U.S.Census Bureau,BuildingPermitsSurvey; estimatesbyanalyst Notes: Excludes townhomes. Currentincludesdata through April 2017. Figure 9. 1,000 1,500 2,000 500 Rental Market Market TrendsHousing 0

2000 Multifamily UnitsPermittedinthe Current

2001

2002 Continued

2003

2004

2005

2006

2007 period. Duringthe12monthsending slowed duringthepast12-month multifamily activity construction of from 2000through2006.Thepace unitspermitted from 86percentof HMA from2013through2016,up multifamily inthe unitspermitted of comprised98percent Apartments from 2000through2006(Figure9). 850units 2012 andtheaverage of 880unitsfrom2007through average of This number was upfromboththe 1,450 multifamily unitspermitted. 2013 from2016,withanaverage of waspermitted, relatively strongfrom units as measuredbythenumber of activity,Multifamily construction 2008 andareexpected tobe construction which arepreleased,stillunder whereas thefinal48units, someof able unitsatTaylor Woods areleased, leasing unitsin2015.Nearly allavail (Camden County)thatalsobegan community inWinslow Township Taylor Woods isa312-unitapartment at$1,525. two-bedroom unitsstart currently 97percent,andrents for 2016. OccupancyatEssex Chaseis October 2015throughDecember Borough thatopenedinphasesfrom 252 market-rateunitsinGlassboro the HMAincludeEssex Chase, with Recently in completedapartments ous data). 12months(preliminary duringtheprevi1,500 unitspermitted were down permitted, 32percentfrom April 2017,1,025multifamily units

2009

2010 Camden HMA,

2011

2012

2013

2014 2000 to 2000to

2015

2016

2017 - - part of the redevelopment of apublic theredevelopment of of part 50unitsandis ment community of age-restricted andsubsidizedapart willbean October 2017. The property and isexpected tobecompletein Camden November 2016inthecityof in beganconstruction at Centerville and market-rateunits. TheResidences subsidized past year includeamixof duringthe unitspermitted Apartment $2,200, respectively. at$1,635and starting apartments for the112one-andtwo-bedroom ship (BurlingtonCounty),withrents April 2017inMountLaurelTown Walk PhaseIIIwas completedin complete inlateMay 2017.Roger’s determined. arenotyetcalled Park PlaceNorth, for themarket-rateunits, collectively to becompletebyOctober2018. Rents Rowan University, andareexpected May 2016, adjacenttothecampusof beganin 37 market-rateapartments buildings with1,134studentbedsand onseveralconstruction mixed-use respectively. InGloucesterCounty, for one-andtwo-bedroom apartments, at $1,400 and $1,750 start Apartments 2017.Rents forMainStreet of quarter expected tobecomplete inthethird with 55and24units, respectively, inEveshamApartments Township, Jackie’s CrossingandMainStreet months endingApril2017include duringthe12 permitted apartments facilities andservices. Market-rate December 2016willfinancecommunity and UrbanDevelopment awarded in from the U.S. Housing of Department Neighbor­ In addi­ complete theredevelopment. will town­ 176income-restricted phase of housing sitebuiltin1941.Asecond homes currently inplanning tion, a $13.2 million Choice tion, a$13.2millionChoice hoods Implementation Grant hoods ImplementationGrant - - Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 13 Table 5. Source: Estimatesbyanalyst currently underconstructionwilllikelysatisfysomeoftheestimateddemand.TheforecastperiodisMay1,2017,to2020. Notes: Numbersmaynotaddtototalsbecauseofrounding.Monthlyrentdoesincludeutilitiesorconcessions.The770units Rental Market Market TrendsHousing Total 1,175 ormore Monthly Gross Rent ($) Zero Bedrooms

Estimated DemandforNewMarket-RateRentalHousingintheCamdenHMA Period Continued

Demand Units of 140 140 Total 1,600 ormore 1,400 to1599 Monthly Gross Rent ($) two-bedroom unitsareexpected to Rents forthemarket-rateone-and ship, isexpected tobegininlate2017. Tri-Towne PlazainEvesham Town Square, with338unitsattheformer TheResidences atRenaissance of are alsoplanned.Theconstruction centers intomixed-use properties twoInc. shopping Redevelopments of American Water Works Company, for thenew headquarters tion of expected tobeginonthecomple is Camden.Construction city of rate unitsonthewaterfront inthe include approximately 130market- to bebuiltduringthenext 3years inplanningthatarelikelyApartments Mart inPennsaukenMart Township, the tively. Also, Pennsauken attheformer at $1,500and$2,000,respec start One Bedroom

Demand Units of 1,350 680 680 Total 1,925 ormore 1,725 to1,924 1,525 to1,724 Monthly Gross Rent ($) Two Bedrooms - - -

Demand Units of the estimateddemandfornew market- conditions improve. Table 5illustrates during theforecastassalesmarket be highestinearly years andtotaper the demand.Demandisexpected to of will satisfyanadditionalportion inthenearfuture begin construction described previously thatarelikely to demand. The710market-rateunits this of willsatisfyaportion struction unitscurrently undercon apartment market-rate rentalunits. The 770 demand isexpected for2,725new During the3-year forecastperiod, and tobecompleteby2019. Point is expected to begin in mid-2017 the240-unitHaddon of construction bedrooms andrentlevel. rate rentalhousingbynumber of 1,075 220 430 430 Three orMore Bedrooms Monthly Gross Total 2,100 ormore Rent ($) During theForecast

Demand Units of 140 140 - ­ Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 14 Data Profile Sources: U.S.CensusBureau;DepartmentofHousingandUrbanDevelopment;estimatesbyanalyst 2017. and the12monthsthrough April 2017.MedianFamilyIncomesarefor1999,2009,and2015.ThecurrentdateisMay1, Notes: Numbersmaynotaddtototalsbecauseofrounding.Employmentdatarepresentannualaveragesfor2000,2010, Table DP-1. Median FamilyIncome Rental vacancyrate Owner vacancyrate Total housingunits Percent renter Renter households Percent owner Owner households Total households Total population Nonfarm payroll jobs Unemployment rate Total resident employment Camden HMA DataProfile, 2000toCurrent 1,186,999 $58,760 456,044 108,772 322,060 430,832 500,800 587,985 25.2% 74.8% 2000 6.3% 1.5% 3.6% 1,250,679 $78,300 490,354 118,033 343,536 461,569 506,200 587,878 25.6% 74.4% 10.1% 2010 8.6% 1.6% 1,252,000 $81,100 499,500 130,500 331,400 461,900 536,000 611,100 Current 28.3% 71.7% 7.3% 1.3% 4.7% 2000 to2010 Average AnnualChange(%) 2.9 0.7 0.8 0.6 0.7 0.5 0.1 0.0 2010 toCurrent – 0.5 0.6 0.3 1.4 0.0 0.0 0.9 0.6 Camden, NJ • COMPREHENSIVE HOUSING MARKET ANALYSIS 15 not reflected intheresidential buildingpermits.not reflected As are some unitsclassifiedascommercialstructures For buildingpermit. example, a differenttypeof orareissued or createdwithoutabuildingpermit occurs inanHMA.Someunitsareconstructed sarily allresidentialbuildingactivity that reflect Building Permits: donotneces­ Buildingpermits vacant bytheCensusBureau. specifiedas“other” workers; andthecategory recreational, oroccasionaluse;usedbymigrant or soldbutnotoccupied;heldforseasonal, thereforeincludesunitsrented for rent.Theterm all vacant unitsthatarenotavailable forsaleor Development (HUD),othervacant unitsinclude by theU.S. HousingandUrban of Department Other Vacant Units:Inthisanalysis conducted development pipeline. orunitsinthe units currently underconstruction excess vacancies. Theestimatesdonotaccountfor theanalysis, growth, losses, and dateof the as-of the3-year forecastperiodgiven conditionson of needed toachieve abalancedmarketattheend thetotalhousingproduction the estimatesof buildingactivity.are notaforecastof Theyare Demand: Thedemandestimatesintheanalysis 28,2013. OMB BulletindatedFebruary Management andBudget (OMB)inthe Office of is basedonthedelineationsestablishedby The metropolitandivision definitioninthisreport Forecast period:5/1/2017–5/1/2020—Estimates date:5/1/2017—EstimatesbytheanalystCurrent 2010: 4/1/2010—U.S. Decennial Census 2000: 4/1/2000—U.S. Decennial Census Data DefinitionsandSources by theanalyst huduser.gov/portal/ushmc/chma_archive.html For onothermarketareas, additionalreports please goto Philadelphia HUDRegional Office Benjamin B. Houck,Economist Contact Information CMARtables_CamdenNJ_17.pdf for thisHMA,goto For tothehousingmarket additionaldatapertaining single-family andmultifamily buildingpermits. of theseestimatesareincludedinthediscussions Some of activity. thisadditionalconstruction an estimateof a result,theanalyst, throughdiligent fieldwork, makes on localeconomicandhousingmarketconditions. government officialswhoprovided dataandinformation sourcesandstatelocal appreciation tothoseindustry modified bysubsequentdevelopments. HUDexpresses its national sources. Assuch,findingsorconclusionsmay be datefromlocaland availableinformation ontheas-of aspossiblebased on findings areasthoroughandcurrent Market Analysis Division within HUD. Theanalysis and guidelines andmethodsdeveloped bytheEconomicand The factualframework forthisanalysis follows the may beunderconsiderationbytheDepartment. insuranceproposalsthat anymortgage of acceptability regardingthe tomakedeterminations does notpurport housing marketconditionsandtrends. Theanalysis builders, mortgagees, withlocal andothersconcerned tion, findings, andconclusionsmay alsobeusefulto HUDinitsoperations. Thefactualinforma guidance of This analysis fortheassistanceand hasbeen prepared [email protected] 202–402–5677 huduser.gov/publications/pdf/ . .

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