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 | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $424,152 | $359,215 | $242,182 |
| Price Trend (Annual %) | 9.6% | 5.3% | 8.2% |
| Median Gross Rent | $1,463 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elizabeth is about 18% higher than in New Jersey. Rent is about 12% 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 Elizabeth, up about 9.6% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Elizabeth rose about 37.7% between 2015 and 2023, from $1,062 to $1,463. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Elizabeth.
Buying the median-priced home in Elizabeth costs roughly 24.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Elizabeth. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $424,152 | $359,215 | $242,182 |
| Median Household Income | $63,844 | $101,200 | $78,145 |
| Price-to-Income Ratio | 6.6 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elizabeth rose about 66.4%, while median household income rose about 46.1% 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 | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 23.8% | 58.7% | 58.2% |
| Rental Rate | 70.0% | 33.4% | 31.3% |
| Vacancy Rate | 6.1% | 7.9% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Elizabeth has a homeownership rate of 23.8%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 6.1%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.92 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1957 | 1968 | 1978 |
| Median Number of Rooms | 4.3 | 5.7 | 5.5 |
The typical housing unit in Elizabeth was built around 1957. On average, 2.9 people live in a home with about 4.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elizabeth, New Jersey.
What is the median home price in Elizabeth, New Jersey?
The median home price in Elizabeth, New Jersey is $424,152, higher than the New Jersey average of $359,215.
What is the average home price in Elizabeth, 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 Elizabeth, New Jersey?
The median gross rent in Elizabeth, New Jersey is $1,463 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Elizabeth in 2020?
In 2020, the median gross rent in Elizabeth, New Jersey was $1,200 per month.
What is the price-to-rent ratio in Elizabeth, New Jersey?
The price-to-rent ratio in Elizabeth, New Jersey is about 24.2, meaning it would take roughly 24.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Elizabeth.
Are home prices or rent rising faster in Elizabeth, New Jersey?
Both home prices and rent are rising in Elizabeth, up about 9.6% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elizabeth, New Jersey?
23.8% of households in Elizabeth, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Elizabeth, New Jersey?
The housing vacancy rate in Elizabeth, New Jersey is 6.1%, lower than the New Jersey average of 7.9%.