Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | East Orange | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,215 | $359,215 | $242,182 |
| Price Trend (Annual %) | 6.2% | 5.3% | 8.2% |
| Median Gross Rent | $1,371 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in East Orange is about 42% lower than in New Jersey. Rent is about 17% lower than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in East Orange, up about 6.2% and 4.7% a year respectively. Home prices are changing faster.
Median rent in East Orange rose about 38.4% between 2015 and 2023, from $991 to $1,371. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in East Orange.
Buying the median-priced home in East Orange costs roughly 12.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in East Orange. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | East Orange | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,215 | $359,215 | $242,182 |
| Median Household Income | $59,783 | $101,200 | $78,145 |
| Price-to-Income Ratio | 3.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in East Orange rose about 88.1%, while median household income rose about 53.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | East Orange | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 25.8% | 58.7% | 58.2% |
| Rental Rate | 68.3% | 33.4% | 31.3% |
| Vacancy Rate | 5.9% | 7.9% | 10.6% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
East Orange has a homeownership rate of 25.8%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 5.9%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | East Orange | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1958 | 1968 | 1978 |
| Median Number of Rooms | 4.3 | 5.7 | 5.5 |
The typical housing unit in East Orange was built around 1958. On average, 2.4 people live in a home with about 4.3 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in East Orange, New Jersey.
What is the median home price in East Orange, New Jersey?
The median home price in East Orange, New Jersey is $207,215, lower than the New Jersey average of $359,215.
What is the average home price in East Orange, New Jersey?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in East Orange, New Jersey?
The median gross rent in East Orange, New Jersey is $1,371 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in East Orange in 2020?
In 2020, the median gross rent in East Orange, New Jersey was $1,156 per month.
What is the price-to-rent ratio in East Orange, New Jersey?
The price-to-rent ratio in East Orange, New Jersey is about 12.6, meaning it would take roughly 12.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in East Orange.
Are home prices or rent rising faster in East Orange, New Jersey?
Both home prices and rent are rising in East Orange, up about 6.2% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in East Orange, New Jersey?
25.8% of households in East Orange, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in East Orange, New Jersey?
The housing vacancy rate in East Orange, New Jersey is 5.9%, lower than the New Jersey average of 7.9%.