New Jersey Housing Market Prices
New Jersey 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 42% above the US median More expensive than 75% of states in US$352,792
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Median rent 22% above the US median More expensive than 88% of states in US$1,719
Median Home Price Map: Counties in New Jersey
Housing Market Overview
| Metric | New Jersey | US Average |
|---|---|---|
| Median Home Price | $352,792 | $248,835 |
| Price Trend (Annual %) | 4.4% | 7.5% |
| Median Gross Rent | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in New Jersey is about 42% higher than in US. Rent is about 22% higher than the US 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 New Jersey, up about 4.4% and 4.5% a year respectively. Rent is changing faster.
Median rent in New Jersey rose about 44.3% between 2015 and 2024, from $1,192 to $1,719. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in New Jersey.
Buying the median-priced home in New Jersey costs roughly 17.1 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 New Jersey. The price-to-rent ratio in US is about 14.7.
| Metric | New Jersey | US Average |
|---|---|---|
| Median Home Price | $352,792 | $248,835 |
| Median Household Income | $103,817 | $80,455 |
| Price-to-Income Ratio | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New Jersey rose about 40.5%, while median household income rose about 46.5% 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 | New Jersey | US Average |
|---|---|---|
| Homeownership Rate | 59.1% | 58.5% |
| Rental Rate | 33.5% | 31.2% |
| Vacancy Rate | 7.5% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
New Jersey has a homeownership rate of 59.1%, higher than the US average of 58.5%. Its housing vacancy rate is 7.5%, compared with 10.2% in US.
Housing Stock
| Metric | New Jersey | US Average |
|---|---|---|
| Average Household Size | 2.61 people | 2.53 people |
| Median Structure Built Year | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 |
The typical housing unit in New Jersey was built around 1968. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
New Jersey Housing Compared With Nearby States
New Jersey is the 2nd largest of the 6 states compared here, 9,334,304 residents against a local median of 3,347,044. Where New Jersey breaks from the states next to it is median home price, sitting 25% above the local median of $281,244 at $352,792.
The states themselves spread $354,199 on median home price, so New Jersey sits at one end of an already wide local range rather than apart from it. New Jersey has the 3rd highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| New Jersey | 9,334,304 | $352,792 #3/6 | $1,719 #2/6 | 63.8% #4/6 |
| Delaware | 1,017,061 | $243,076 | $1,401 | 72.9% |
| Maryland | 6,204,886 | $267,101 | $1,704 | 67.6% |
| Connecticut | 3,347,044 | $281,244 | $1,481 | 67.4% |
| District of Columbia | 678,314 | $597,276 | $1,953 | 41.5% |
| New York | 19,748,855 | $471,885 | $1,621 | 54.3% |
Frequently Asked Questions
Common questions about the housing market in New Jersey.
What is the median home price in New Jersey?
The median home price in New Jersey is $352,792, higher than the US average of $248,835.
What is the average home price in New Jersey?
The typical home price in New Jersey, reported as the median sale price, is $352,792. 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 New Jersey?
The median gross rent in New Jersey is $1,719 per month, higher than the US average of $1,407.
What was the median gross rent in New Jersey in 2020?
In 2020, the median gross rent in New Jersey was $1,367 per month.
What is the price-to-rent ratio in New Jersey?
The price-to-rent ratio in New Jersey is about 17.1, meaning it would take roughly 17.1 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 New Jersey.
Are home prices or rent rising faster in New Jersey?
Both home prices and rent are rising in New Jersey, up about 4.4% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in New Jersey?
59.1% of households in New Jersey own their home, higher than the US average of 58.5%.
What is the vacancy rate in New Jersey?
The housing vacancy rate in New Jersey is 7.5%, lower than the US average of 10.2%.
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