My wife and I moved to Hopewell Borough in 2013. Within several years, we had our first child (now 9 years old) and second (now 7), and were fortunate enough to find an affordable home in Hopewell Borough to grow into with three kids, ages 9, 7 and 5.
Our first home was not quite large enough for one child, let alone three. It was just under 1,200 square feet, and we bought it for just under $350,000. Since then? That same home has been sold twice, most recently in 2023 for $600,000. In 10 years, without major renovations, the home appreciated nearly 42%.
By 2019, the average home price in Hopewell Valley hovered around $500K. This year, those numbers continue to skyrocket to around $700K for a new home in Pennington Borough, and more than $650K in Hopewell Township and Hopewell Borough.
The questions we should ask ourselves as a community are, “Why are our home prices rising so drastically?” and “Why have we seen an influx of families moving into the area?”
I love everything our community offers: the arts, nature, great small businesses and restaurants and wonderful neighbors. But the school system is a major driver of home sales, and offers the type of education families are looking for without the property tax bills typical in Bergen or Essex County.
I joined the board three years ago with one major goal: to better understand the school budget. Just three months into my tenure, I grasped the unfortunate reality that faces not just our district, but so many around the state: rising costs are crippling districts, and something needs to change.
The need for communitywide support of the school system. For years, new families have been moving into the area, and that number will only continue to grow with the plethora of PILOT (Payment in Lieu of Taxes) developments underway and on the horizon in Hopewell Valley. There is already evidence that the estimates of enrollment growth tied to PILOT developments are drastically outpacing the most recent demographer’s report. The board of education has taken the lead to run a new report so we can better understand the actual impact of these developments.
I am thankful to Hopewell Township for its commitment of $16.1 million for the Bear Tavern expansion. In recent days, I’ve seen tremendous momentum between township and school board attorneys to make this pledge official through a legal memorandum of agreement before the Nov. 4 bond referendum. This leaves me cautiously optimistic that these talks will provide additional assurance to voters that the PILOT funding — now tied up in ongoing litigation — would eventually be used to pay down the debt for the Bear Tavern. Which, along with the Toll Gate addition, comprises referendum Question 2.
I call on all elected officials in Hopewell Valley to publicly support the school referendum. There is no one more astute to the financial challenges facing shared services in Hopewell Valley than the elected officials in Hopewell Township, Pennington Borough, and Hopewell Borough.
If additional PILOT-funded developments are built in our communities, the district will face more costs that directly impact our budgeting capabilities, and our district will need long-term alignment with every town on how we tackle these issues together. We hope that we can work together to ensure our constituents continue to receive the type of programming that is expected from our school district.
I hope my fellow leaders in Hopewell Valley show their support of our efforts between now and Nov. 4.
Mark Peters is a member of the Hopewell Valley Board of Education and chair of its finance committee. He writes on his own behalf and not on behalf of the board.
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