Fort Lee, New Jersey Housing Market Prices
Fort Lee 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 69% below the New Jersey median$108,874
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Median rent 32% above the New Jersey median$2,268
Housing Market Overview
| Metric | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $108,874 | $352,792 | $248,835 |
| Price Trend (Annual %) | 1.2% | 4.4% | 7.5% |
| Median Gross Rent | $2,268 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fort Lee is about 69% lower than in New Jersey. Rent is about 32% higher 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 Fort Lee, up about 1.2% and 4.3% a year respectively. Rent is changing faster.
Median rent in Fort Lee rose about 45.3% between 2015 and 2024, from $1,560 to $2,268. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Fort Lee.
Buying the median-priced home in Fort Lee costs roughly 4.0 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 Fort Lee. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $108,874 | $352,792 | $248,835 |
| Median Household Income | $107,946 | $103,817 | $80,455 |
| Price-to-Income Ratio | 1.0 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Fort Lee fell about 70.0%, while median household income rose about 41.6% 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 | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.2% | 59.1% | 58.5% |
| Rental Rate | 41.8% | 33.5% | 31.2% |
| Vacancy Rate | 7.1% | 7.5% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Fort Lee has a homeownership rate of 51.2%, lower than the New Jersey average of 59.1%. Its housing vacancy rate is 7.1%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1975 | 1968 | 1978 |
| Median Number of Rooms | 4.0 | 5.7 | 5.5 |
The typical housing unit in Fort Lee was built around 1975. On average, 2.2 people live in a home with about 4.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fort Lee, New Jersey.
What is the median home price in Fort Lee, New Jersey?
The median home price in Fort Lee, New Jersey is $108,874, lower than the New Jersey average of $352,792.
What is the average home price in Fort Lee, New Jersey?
The typical home price in Fort Lee, New Jersey, reported as the median sale price, is $108,874. 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 Fort Lee, New Jersey?
The median gross rent in Fort Lee, New Jersey is $2,268 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Fort Lee in 2020?
In 2020, the median gross rent in Fort Lee, New Jersey was $1,905 per month.
What is the price-to-rent ratio in Fort Lee, New Jersey?
The price-to-rent ratio in Fort Lee, New Jersey is about 4.0, meaning it would take roughly 4.0 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 Fort Lee.
Are home prices or rent rising faster in Fort Lee, New Jersey?
Both home prices and rent are rising in Fort Lee, up about 1.2% and 4.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Fort Lee, New Jersey?
51.2% of households in Fort Lee, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in Fort Lee, New Jersey?
The housing vacancy rate in Fort Lee, New Jersey is 7.1%, lower than the New Jersey average of 7.5%.
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