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 | Englewood | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $277,397 | $359,215 | $242,182 |
| Price Trend (Annual %) | -7.9% | 5.3% | 8.2% |
| Median Gross Rent | $1,924 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Englewood is about 23% lower than in New Jersey. Rent is about 16% higher than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Englewood: home prices fell about 7.9% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
Median rent in Englewood rose about 36.0% between 2015 and 2023, from $1,415 to $1,924. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Englewood.
Buying the median-priced home in Englewood costs roughly 12.0 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 Englewood. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Englewood | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $277,397 | $359,215 | $242,182 |
| Median Household Income | $102,346 | $101,200 | $78,145 |
| Price-to-Income Ratio | 2.7 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Englewood fell about 58.2%, while median household income rose about 45.6% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Englewood | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.3% | 58.7% | 58.2% |
| Rental Rate | 44.2% | 33.4% | 31.3% |
| Vacancy Rate | 6.5% | 7.9% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Englewood has a homeownership rate of 49.3%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 6.5%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Englewood | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1963 | 1968 | 1978 |
| Median Number of Rooms | 5.2 | 5.7 | 5.5 |
The typical housing unit in Englewood was built around 1963. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Englewood, New Jersey.
What is the median home price in Englewood, New Jersey?
The median home price in Englewood, New Jersey is $277,397, lower than the New Jersey average of $359,215.
What is the average home price in Englewood, 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 Englewood, New Jersey?
The median gross rent in Englewood, New Jersey is $1,924 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Englewood in 2020?
In 2020, the median gross rent in Englewood, New Jersey was $1,511 per month.
What is the price-to-rent ratio in Englewood, New Jersey?
The price-to-rent ratio in Englewood, New Jersey is about 12.0, meaning it would take roughly 12.0 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 Englewood.
Are home prices or rent rising faster in Englewood, New Jersey?
Home prices and rent are moving in opposite directions in Englewood: home prices fell about 7.9% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Englewood, New Jersey?
49.3% of households in Englewood, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Englewood, New Jersey?
The housing vacancy rate in Englewood, New Jersey is 6.5%, lower than the New Jersey average of 7.9%.