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 | Hackensack | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $327,631 | $359,215 | $242,182 |
| Price Trend (Annual %) | -0.3% | 5.3% | 8.2% |
| Median Gross Rent | $1,794 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hackensack is about 9% lower than in New Jersey. Rent is about 9% higher than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Hackensack: home prices fell about 0.3% a year while rent rose about 4.5% a year. That is an unusual pattern worth watching.
Median rent in Hackensack rose about 41.3% between 2015 and 2023, from $1,270 to $1,794. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Hackensack.
Buying the median-priced home in Hackensack costs roughly 15.2 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 Hackensack. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Hackensack | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $327,631 | $359,215 | $242,182 |
| Median Household Income | $81,245 | $101,200 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hackensack rose about 67.0%, while median household income rose about 35.4% 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 | Hackensack | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.4% | 58.7% | 58.2% |
| Rental Rate | 58.4% | 33.4% | 31.3% |
| Vacancy Rate | 5.1% | 7.9% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Hackensack has a homeownership rate of 36.4%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 5.1%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Hackensack | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.19 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1968 | 1968 | 1978 |
| Median Number of Rooms | 3.8 | 5.7 | 5.5 |
The typical housing unit in Hackensack was built around 1968. On average, 2.2 people live in a home with about 3.8 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hackensack, New Jersey.
What is the median home price in Hackensack, New Jersey?
The median home price in Hackensack, New Jersey is $327,631, lower than the New Jersey average of $359,215.
What is the average home price in Hackensack, 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 Hackensack, New Jersey?
The median gross rent in Hackensack, New Jersey is $1,794 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Hackensack in 2020?
In 2020, the median gross rent in Hackensack, New Jersey was $1,492 per month.
What is the price-to-rent ratio in Hackensack, New Jersey?
The price-to-rent ratio in Hackensack, New Jersey is about 15.2, meaning it would take roughly 15.2 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 Hackensack.
Are home prices or rent rising faster in Hackensack, New Jersey?
Home prices and rent are moving in opposite directions in Hackensack: home prices fell about 0.3% a year while rent rose about 4.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Hackensack, New Jersey?
36.4% of households in Hackensack, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Hackensack, New Jersey?
The housing vacancy rate in Hackensack, New Jersey is 5.1%, lower than the New Jersey average of 7.9%.