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 | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $617,219 | $359,215 | $242,182 |
| Price Trend (Annual %) | 13.1% | 5.3% | 8.2% |
| Median Gross Rent | $2,254 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fort Lee is about 72% higher than in New Jersey. Rent is about 36% 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 Fort Lee, up about 13.1% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Fort Lee rose about 44.3% between 2015 and 2023, from $1,562 to $2,254. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 5.8 yearly household incomes in Fort Lee.
Buying the median-priced home in Fort Lee costs roughly 22.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fort Lee. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $617,219 | $359,215 | $242,182 |
| Median Household Income | $105,970 | $101,200 | $78,145 |
| Price-to-Income Ratio | 5.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fort Lee rose about 70.5%, while median household income rose about 48.0% 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 | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.9% | 58.7% | 58.2% |
| Rental Rate | 39.9% | 33.4% | 31.3% |
| Vacancy Rate | 6.2% | 7.9% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Fort Lee has a homeownership rate of 53.9%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 6.2%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Fort Lee | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.15 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1974 | 1968 | 1978 |
| Median Number of Rooms | 3.9 | 5.7 | 5.5 |
The typical housing unit in Fort Lee was built around 1974. On average, 2.1 people live in a home with about 3.9 rooms, staying for about 15.0 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 $617,219, higher than the New Jersey average of $359,215.
What is the average home price in Fort Lee, 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 Fort Lee, New Jersey?
The median gross rent in Fort Lee, New Jersey is $2,254 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Fort Lee in 2020?
In 2020, the median gross rent in Fort Lee, New Jersey was $1,908 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 22.8, meaning it would take roughly 22.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying 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 13.1% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fort Lee, New Jersey?
53.9% of households in Fort Lee, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Fort Lee, New Jersey?
The housing vacancy rate in Fort Lee, New Jersey is 6.2%, lower than the New Jersey average of 7.9%.