Jersey City, New Jersey Housing Market Prices
Jersey City 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 31% above the New Jersey median$461,532
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Median rent 17% above the New Jersey median$2,005
Housing Market Overview
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $461,532 | $352,792 | $248,835 |
| Price Trend (Annual %) | 6.7% | 4.4% | 7.5% |
| Median Gross Rent | $2,005 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jersey City is about 31% higher than in New Jersey. Rent is about 17% higher than the New Jersey 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 Jersey City, up about 6.7% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Jersey City rose about 67.7% between 2015 and 2024, from $1,196 to $2,005. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Jersey City.
Buying the median-priced home in Jersey City costs roughly 19.2 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 Jersey City. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $461,532 | $352,792 | $248,835 |
| Median Household Income | $98,050 | $103,817 | $80,455 |
| Price-to-Income Ratio | 4.7 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Jersey City rose about 29.7%, while median household income rose about 78.1% 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 | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 25.9% | 59.1% | 58.5% |
| Rental Rate | 66.7% | 33.5% | 31.2% |
| Vacancy Rate | 7.4% | 7.5% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
Jersey City has a homeownership rate of 25.9%, lower than the New Jersey average of 59.1%. Its housing vacancy rate is 7.4%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1971 | 1968 | 1978 |
| Median Number of Rooms | 3.9 | 5.7 | 5.5 |
The typical housing unit in Jersey City was built around 1971. On average, 2.3 people live in a home with about 3.9 rooms, staying for about 10.0 years on average.
Jersey City, NJ Housing Compared With Nearby Cities
Jersey City, NJ is the largest of the 5 cities compared here, 293,788 residents against a local median of 62,308. The measure that sets Jersey City, NJ apart most is median home price: $461,532, 33% above the local median of $347,720.
Homeownership tells the same story from another angle: 27.9% against a local median of 34.9%, 20% below it. The one measure here that carries a verdict is homeownership, and at 20% below the local median it puts Jersey City, NJ at the weaker end of the local range. The cities themselves spread $1,078,160 on median home price, so Jersey City, NJ sits at one end of an already wide local range rather than apart from it. Jersey City, NJ has the 2nd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Jersey City, NJ | 293,788 | $461,532 #2/5 | $2,005 #2/5 | 27.9% #4/5 |
| Hoboken, NJ | 58,199 | $1,288,134 | $2,929 | 33.7% |
| Union City, NJ | 66,416 | $209,974 | $1,537 | 19.1% |
| Bayonne, NJ | 71,520 | $388,297 | $1,682 | 36.2% |
| Kearny, NJ | 40,646 | $307,143 | $1,720 | 42.9% |
Frequently Asked Questions
Common questions about the housing market in Jersey City, New Jersey.
What is the median home price in Jersey City, New Jersey?
The median home price in Jersey City, New Jersey is $461,532, higher than the New Jersey average of $352,792.
What is the average home price in Jersey City, New Jersey?
The typical home price in Jersey City, New Jersey, reported as the median sale price, is $461,532. 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 Jersey City, New Jersey?
The median gross rent in Jersey City, New Jersey is $2,005 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Jersey City in 2020?
In 2020, the median gross rent in Jersey City, New Jersey was $1,483 per month.
What is the price-to-rent ratio in Jersey City, New Jersey?
The price-to-rent ratio in Jersey City, New Jersey is about 19.2, meaning it would take roughly 19.2 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 Jersey City.
Are home prices or rent rising faster in Jersey City, New Jersey?
Both home prices and rent are rising in Jersey City, up about 6.7% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Jersey City, New Jersey?
25.9% of households in Jersey City, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in Jersey City, New Jersey?
The housing vacancy rate in Jersey City, New Jersey is 7.4%, lower than the New Jersey average of 7.5%.
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