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 | Garfield | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,250,000 | $359,215 | $242,182 |
| Price Trend (Annual %) | 18.7% | 5.3% | 8.2% |
| Median Gross Rent | $1,612 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garfield is about 248% higher than in New Jersey. Rent is about 2% lower 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 Garfield, up about 18.7% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Garfield rose about 34.3% between 2015 and 2023, from $1,201 to $1,612. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 16.5 yearly household incomes in Garfield.
Buying the median-priced home in Garfield costs roughly 64.6 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 Garfield. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Garfield | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,250,000 | $359,215 | $242,182 |
| Median Household Income | $75,730 | $101,200 | $78,145 |
| Price-to-Income Ratio | 16.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garfield rose about 264.2%, while median household income rose about 48.3% 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 | Garfield | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.8% | 58.7% | 58.2% |
| Rental Rate | 51.5% | 33.4% | 31.3% |
| Vacancy Rate | 5.7% | 7.9% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Garfield has a homeownership rate of 42.8%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 5.7%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Garfield | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.81 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1956 | 1968 | 1978 |
| Median Number of Rooms | 5.0 | 5.7 | 5.5 |
The typical housing unit in Garfield was built around 1956. On average, 2.8 people live in a home with about 5.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garfield, New Jersey.
What is the median home price in Garfield, New Jersey?
The median home price in Garfield, New Jersey is $1,250,000, higher than the New Jersey average of $359,215.
What is the average home price in Garfield, 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 Garfield, New Jersey?
The median gross rent in Garfield, New Jersey is $1,612 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Garfield in 2020?
In 2020, the median gross rent in Garfield, New Jersey was $1,354 per month.
What is the price-to-rent ratio in Garfield, New Jersey?
The price-to-rent ratio in Garfield, New Jersey is about 64.6, meaning it would take roughly 64.6 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 Garfield.
Are home prices or rent rising faster in Garfield, New Jersey?
Both home prices and rent are rising in Garfield, up about 18.7% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Garfield, New Jersey?
42.8% of households in Garfield, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Garfield, New Jersey?
The housing vacancy rate in Garfield, New Jersey is 5.7%, lower than the New Jersey average of 7.9%.