Essex County, New Jersey Housing Market Prices
Essex County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 16% below the New Jersey median$295,435
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Median rent 11% below the New Jersey median$1,531
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $295,435 | $352,792 | $248,835 |
| Price Trend (Annual %) | 4.1% | 4.4% | 7.5% |
| Median Gross Rent | $1,531 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Essex County is about 16% lower than in New Jersey. Rent is about 11% lower than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Essex County, up about 4.1% and 4.5% a year respectively. Rent is changing faster.
Median rent in Essex County rose about 43.3% between 2015 and 2024, from $1,068 to $1,531. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Essex County.
Buying the median-priced home in Essex County costs roughly 16.1 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 Essex County. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $295,435 | $352,792 | $248,835 |
| Median Household Income | $81,239 | $103,817 | $80,455 |
| Price-to-Income Ratio | 3.6 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Essex County rose about 41.8%, while median household income rose about 47.0% between 2009 and 2025 — 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 | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.6% | 59.1% | 58.5% |
| Rental Rate | 52.3% | 33.5% | 31.2% |
| Vacancy Rate | 5.1% | 7.5% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Essex County has a homeownership rate of 42.6%, lower than the New Jersey average of 59.1%. Its housing vacancy rate is 5.1%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1960 | 1968 | 1978 |
| Median Number of Rooms | 5.0 | 5.7 | 5.5 |
The typical housing unit in Essex County was built around 1960. On average, 2.6 people live in a home with about 5.0 rooms, staying for about 15.0 years on average.
Essex County, NJ Housing Compared With Nearby Counties
Essex County, NJ is the 2nd largest of the 6 counties compared here, 861,155 residents against a local median of 578,268. Essex County, NJ's median home price, at $295,435, runs 32% below the $435,289 typical of the counties around it.
Homeownership tells the same story from another angle: 44.9% against a local median of 57.4%, 22% below it. The one measure here that carries a verdict is homeownership, and at 22% below the local median it puts Essex County, NJ at the weaker end of the local range. The counties themselves spread $216,657 on median home price, so Essex County, NJ sits at one end of an already wide local range rather than apart from it. Essex County, NJ has the 6th highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Essex County, NJ | 861,155 | $295,435 #6/6 | $1,531 #6/6 | 44.9% #5/6 |
| Union County, NJ | 578,268 | $435,289 | $1,730 | 57.4% |
| Hudson County, NJ | 717,070 | $432,092 | $1,892 | 30.7% |
| Bergen County, NJ | 960,507 | $592,908 | $1,913 | 65.3% |
| Richmond County, NY | 494,794 | $552,254 | $1,732 | 67.8% |
| Passaic County, NJ | 520,457 | $376,251 | $1,621 | 53.1% |
Frequently Asked Questions
Common questions about the housing market in Essex County, New Jersey.
What is the median home price in Essex County, New Jersey?
The median home price in Essex County, New Jersey is $295,435, lower than the New Jersey average of $352,792.
What is the average home price in Essex County, New Jersey?
The typical home price in Essex County, New Jersey, reported as the median sale price, is $295,435. 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 Essex County, New Jersey?
The median gross rent in Essex County, New Jersey is $1,531 per month, lower than the New Jersey average of $1,719.
What was the median gross rent in Essex County in 2020?
In 2020, the median gross rent in Essex County, New Jersey was $1,210 per month.
What is the price-to-rent ratio in Essex County, New Jersey?
The price-to-rent ratio in Essex County, New Jersey is about 16.1, meaning it would take roughly 16.1 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 Essex County.
Are home prices or rent rising faster in Essex County, New Jersey?
Both home prices and rent are rising in Essex County, up about 4.1% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Essex County, New Jersey?
42.6% of households in Essex County, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in Essex County, New Jersey?
The housing vacancy rate in Essex County, New Jersey is 5.1%, lower than the New Jersey average of 7.5%.
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