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.
Median Home Price Map: Counties in New Jersey
Housing Market Overview
| Metric | New Jersey | US Average |
|---|---|---|
| Median Home Price | $359,215 | $242,182 |
| Price Trend (Annual %) | 5.3% | 8.2% |
| Median Gross Rent | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in New Jersey is about 48% higher than in US. Rent is about 23% higher than the US 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 New Jersey, up about 5.3% and 4.6% a year respectively. Home prices are changing faster.
Median rent in New Jersey rose about 38.7% between 2015 and 2023, from $1,192 to $1,653. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in New Jersey.
Buying the median-priced home in New Jersey costs roughly 18.1 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 15.0.
| Metric | New Jersey | US Average |
|---|---|---|
| Median Home Price | $359,215 | $242,182 |
| Median Household Income | $101,200 | $78,145 |
| Price-to-Income Ratio | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in New Jersey rose about 43.1%, while median household income rose about 46.1% between 2009 and 2023 — 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 | 58.7% | 58.2% |
| Rental Rate | 33.4% | 31.3% |
| Vacancy Rate | 7.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
New Jersey has a homeownership rate of 58.7%, about the same as the US average of 58.2%. Its housing vacancy rate is 7.9%, compared with 10.6% in US.
Housing Stock
| Metric | New Jersey | US Average |
|---|---|---|
| Average Household Size | 2.61 people | 2.54 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.
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 $359,215, higher than the US average of $242,182.
What is the average home price in 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 New Jersey?
The median gross rent in New Jersey is $1,653 per month, higher than the US average of $1,342.
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 18.1, meaning it would take roughly 18.1 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 5.3% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in New Jersey?
58.7% of households in New Jersey own their home, higher than the US average of 58.2%.
What is the vacancy rate in New Jersey?
The housing vacancy rate in New Jersey is 7.9%, lower than the US average of 10.6%.