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 | Lodi | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $359,215 | $242,182 |
| Price Trend (Annual %) | 7.2% | 5.3% | 8.2% |
| Median Gross Rent | $1,674 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lodi is about 74% higher than in New Jersey. Rent is about 1% 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 Lodi, up about 7.2% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Lodi rose about 42.9% between 2015 and 2023, from $1,171 to $1,674. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 7.3 yearly household incomes in Lodi.
Buying the median-priced home in Lodi costs roughly 31.1 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 Lodi. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Lodi | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $359,215 | $242,182 |
| Median Household Income | $85,275 | $101,200 | $78,145 |
| Price-to-Income Ratio | 7.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lodi rose about 91.7%, while median household income rose about 56.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lodi | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.3% | 58.7% | 58.2% |
| Rental Rate | 55.8% | 33.4% | 31.3% |
| Vacancy Rate | 4.9% | 7.9% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Lodi has a homeownership rate of 39.3%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 4.9%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Lodi | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.75 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1961 | 1968 | 1978 |
| Median Number of Rooms | 4.5 | 5.7 | 5.5 |
The typical housing unit in Lodi was built around 1961. On average, 2.8 people live in a home with about 4.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lodi, New Jersey.
What is the median home price in Lodi, New Jersey?
The median home price in Lodi, New Jersey is $625,000, higher than the New Jersey average of $359,215.
What is the average home price in Lodi, 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 Lodi, New Jersey?
The median gross rent in Lodi, New Jersey is $1,674 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Lodi in 2020?
In 2020, the median gross rent in Lodi, New Jersey was $1,373 per month.
What is the price-to-rent ratio in Lodi, New Jersey?
The price-to-rent ratio in Lodi, New Jersey is about 31.1, meaning it would take roughly 31.1 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 Lodi.
Are home prices or rent rising faster in Lodi, New Jersey?
Both home prices and rent are rising in Lodi, up about 7.2% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lodi, New Jersey?
39.3% of households in Lodi, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Lodi, New Jersey?
The housing vacancy rate in Lodi, New Jersey is 4.9%, lower than the New Jersey average of 7.9%.