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 | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $379,814 | $359,215 | $242,182 |
| Price Trend (Annual %) | 27.6% | 5.3% | 8.2% |
| Median Gross Rent | $2,025 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elmwood Park is about 6% higher than in New Jersey. Rent is about 22% higher 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 Elmwood Park, up about 27.6% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Elmwood Park rose about 37.7% between 2015 and 2023, from $1,470 to $2,025. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Elmwood Park.
Buying the median-priced home in Elmwood Park costs roughly 15.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Elmwood Park. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $379,814 | $359,215 | $242,182 |
| Median Household Income | $100,178 | $101,200 | $78,145 |
| Price-to-Income Ratio | 3.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elmwood Park rose about 230.0%, while median household income rose about 59.8% 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 | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.2% | 58.7% | 58.2% |
| Rental Rate | 40.9% | 33.4% | 31.3% |
| Vacancy Rate | 3.9% | 7.9% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Elmwood Park has a homeownership rate of 55.2%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 3.9%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.93 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1960 | 1968 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Elmwood Park was built around 1960. On average, 2.9 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elmwood Park, New Jersey.
What is the median home price in Elmwood Park, New Jersey?
The median home price in Elmwood Park, New Jersey is $379,814, higher than the New Jersey average of $359,215.
What is the average home price in Elmwood Park, 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 Elmwood Park, New Jersey?
The median gross rent in Elmwood Park, New Jersey is $2,025 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Elmwood Park in 2020?
In 2020, the median gross rent in Elmwood Park, New Jersey was $1,698 per month.
What is the price-to-rent ratio in Elmwood Park, New Jersey?
The price-to-rent ratio in Elmwood Park, New Jersey is about 15.6, meaning it would take roughly 15.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Elmwood Park.
Are home prices or rent rising faster in Elmwood Park, New Jersey?
Both home prices and rent are rising in Elmwood Park, up about 27.6% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elmwood Park, New Jersey?
55.2% of households in Elmwood Park, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Elmwood Park, New Jersey?
The housing vacancy rate in Elmwood Park, New Jersey is 3.9%, lower than the New Jersey average of 7.9%.