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: Nearby Counties
Housing Market Overview
| Metric | Hunterdon County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $348,811 | $359,215 | $242,182 |
| Price Trend (Annual %) | 2.9% | 5.3% | 8.2% |
| Median Gross Rent | $1,707 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hunterdon County is about 3% lower than in New Jersey. Rent is about 3% 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 Hunterdon County, up about 2.9% and 3.8% a year respectively. Rent is changing faster.
Median rent in Hunterdon County rose about 28.6% between 2015 and 2023, from $1,327 to $1,707. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Hunterdon County.
Buying the median-priced home in Hunterdon County costs roughly 17.0 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 Hunterdon County. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Hunterdon County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $348,811 | $359,215 | $242,182 |
| Median Household Income | $140,834 | $101,200 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hunterdon County rose about 23.9%, while median household income rose about 37.7% 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 | Hunterdon County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 82.2% | 58.7% | 58.2% |
| Rental Rate | 14.7% | 33.4% | 31.3% |
| Vacancy Rate | 3.1% | 7.9% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Hunterdon County has a homeownership rate of 82.2%, higher than the New Jersey average of 58.7%. Its housing vacancy rate is 3.1%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Hunterdon County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1975 | 1968 | 1978 |
| Median Number of Rooms | 7.1 | 5.7 | 5.5 |
The typical housing unit in Hunterdon County was built around 1975. On average, 2.5 people live in a home with about 7.1 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hunterdon County, New Jersey.
What is the median home price in Hunterdon County, New Jersey?
The median home price in Hunterdon County, New Jersey is $348,811, lower than the New Jersey average of $359,215.
What is the average home price in Hunterdon County, 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 Hunterdon County, New Jersey?
The median gross rent in Hunterdon County, New Jersey is $1,707 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Hunterdon County in 2020?
In 2020, the median gross rent in Hunterdon County, New Jersey was $1,442 per month.
What is the price-to-rent ratio in Hunterdon County, New Jersey?
The price-to-rent ratio in Hunterdon County, New Jersey is about 17.0, meaning it would take roughly 17.0 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 Hunterdon County.
Are home prices or rent rising faster in Hunterdon County, New Jersey?
Both home prices and rent are rising in Hunterdon County, up about 2.9% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Hunterdon County, New Jersey?
82.2% of households in Hunterdon County, New Jersey own their home, higher than the New Jersey average of 58.7%.
What is the vacancy rate in Hunterdon County, New Jersey?
The housing vacancy rate in Hunterdon County, New Jersey is 3.1%, lower than the New Jersey average of 7.9%.