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 | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $522,143 | $359,215 | $242,182 |
| Price Trend (Annual %) | 9.3% | 5.3% | 8.2% |
| Median Gross Rent | $1,901 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jersey City is about 45% higher than in New Jersey. Rent is about 15% 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 Jersey City, up about 9.3% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Jersey City rose about 58.9% between 2015 and 2023, from $1,197 to $1,901. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Jersey City.
Buying the median-priced home in Jersey City costs roughly 22.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Jersey City. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $522,143 | $359,215 | $242,182 |
| Median Household Income | $95,618 | $101,200 | $78,145 |
| Price-to-Income Ratio | 5.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Jersey City rose about 46.4%, while median household income rose about 85.3% 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 | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 26.7% | 58.7% | 58.2% |
| Rental Rate | 66.1% | 33.4% | 31.3% |
| Vacancy Rate | 7.2% | 7.9% | 10.6% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Jersey City has a homeownership rate of 26.7%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 7.2%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1969 | 1968 | 1978 |
| Median Number of Rooms | 3.9 | 5.7 | 5.5 |
The typical housing unit in Jersey City was built around 1969. On average, 2.3 people live in a home with about 3.9 rooms, staying for about 11.0 years on average.
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 $522,143, higher than the New Jersey average of $359,215.
What is the average home price in Jersey City, 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 Jersey City, New Jersey?
The median gross rent in Jersey City, New Jersey is $1,901 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Jersey City in 2020?
In 2020, the median gross rent in Jersey City, New Jersey was $1,484 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 22.9, meaning it would take roughly 22.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying 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 9.3% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Jersey City, New Jersey?
26.7% of households in Jersey City, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Jersey City, New Jersey?
The housing vacancy rate in Jersey City, New Jersey is 7.2%, lower than the New Jersey average of 7.9%.