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 | Fair Lawn | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $359,215 | $242,182 |
| Price Trend (Annual %) | 1.9% | 5.3% | 8.2% |
| Median Gross Rent | $1,907 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fair Lawn is about 3% lower than in New Jersey. Rent is about 15% 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 Fair Lawn, up about 1.9% and 4.1% a year respectively. Rent is changing faster.
Median rent in Fair Lawn rose about 34.5% between 2015 and 2023, from $1,417 to $1,907. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Fair Lawn.
Buying the median-priced home in Fair Lawn costs roughly 15.3 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 Fair Lawn. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Fair Lawn | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $359,215 | $242,182 |
| Median Household Income | $148,455 | $101,200 | $78,145 |
| Price-to-Income Ratio | 2.4 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fair Lawn fell about 33.6%, while median household income rose about 61.5% 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 | Fair Lawn | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.7% | 58.7% | 58.2% |
| Rental Rate | 20.3% | 33.4% | 31.3% |
| Vacancy Rate | 2.0% | 7.9% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Fair Lawn has a homeownership rate of 77.7%, higher than the New Jersey average of 58.7%. Its housing vacancy rate is 2.0%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Fair Lawn | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.88 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1954 | 1968 | 1978 |
| Median Number of Rooms | 6.5 | 5.7 | 5.5 |
The typical housing unit in Fair Lawn was built around 1954. On average, 2.9 people live in a home with about 6.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fair Lawn, New Jersey.
What is the median home price in Fair Lawn, New Jersey?
The median home price in Fair Lawn, New Jersey is $350,000, lower than the New Jersey average of $359,215.
What is the average home price in Fair Lawn, 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 Fair Lawn, New Jersey?
The median gross rent in Fair Lawn, New Jersey is $1,907 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Fair Lawn in 2020?
In 2020, the median gross rent in Fair Lawn, New Jersey was $1,825 per month.
What is the price-to-rent ratio in Fair Lawn, New Jersey?
The price-to-rent ratio in Fair Lawn, New Jersey is about 15.3, meaning it would take roughly 15.3 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 Fair Lawn.
Are home prices or rent rising faster in Fair Lawn, New Jersey?
Both home prices and rent are rising in Fair Lawn, up about 1.9% and 4.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Fair Lawn, New Jersey?
77.7% of households in Fair Lawn, New Jersey own their home, higher than the New Jersey average of 58.7%.
What is the vacancy rate in Fair Lawn, New Jersey?
The housing vacancy rate in Fair Lawn, New Jersey is 2.0%, lower than the New Jersey average of 7.9%.