Millville, New Jersey Housing Market Prices
Millville 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 22% below the New Jersey median$275,000
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Median rent 27% below the New Jersey median$1,261
Housing Market Overview
| Metric | Millville | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $352,792 | $248,835 |
| Price Trend (Annual %) | 8.8% | 4.4% | 7.5% |
| Median Gross Rent | $1,261 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Millville is about 22% lower than in New Jersey. Rent is about 27% lower than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Millville, up about 8.8% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Millville rose about 34.4% between 2015 and 2024, from $938 to $1,261. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Millville.
Buying the median-priced home in Millville costs roughly 18.2 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 Millville. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Millville | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $352,792 | $248,835 |
| Median Household Income | $70,105 | $103,817 | $80,455 |
| Price-to-Income Ratio | 3.9 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Millville rose about 54.0%, while median household income rose about 40.3% between 2009 and 2025 — 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 | Millville | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.3% | 59.1% | 58.5% |
| Rental Rate | 34.8% | 33.5% | 31.2% |
| Vacancy Rate | 2.9% | 7.5% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Millville has a homeownership rate of 62.3%, higher than the New Jersey average of 59.1%. Its housing vacancy rate is 2.9%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Millville | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1974 | 1968 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Millville was built around 1974. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Millville, New Jersey.
What is the median home price in Millville, New Jersey?
The median home price in Millville, New Jersey is $275,000, lower than the New Jersey average of $352,792.
What is the average home price in Millville, New Jersey?
The typical home price in Millville, New Jersey, reported as the median sale price, is $275,000. 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 Millville, New Jersey?
The median gross rent in Millville, New Jersey is $1,261 per month, lower than the New Jersey average of $1,719.
What was the median gross rent in Millville in 2020?
In 2020, the median gross rent in Millville, New Jersey was $1,003 per month.
What is the price-to-rent ratio in Millville, New Jersey?
The price-to-rent ratio in Millville, New Jersey is about 18.2, meaning it would take roughly 18.2 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 Millville.
Are home prices or rent rising faster in Millville, New Jersey?
Both home prices and rent are rising in Millville, up about 8.8% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Millville, New Jersey?
62.3% of households in Millville, New Jersey own their home, higher than the New Jersey average of 59.1%.
What is the vacancy rate in Millville, New Jersey?
The housing vacancy rate in Millville, New Jersey is 2.9%, lower than the New Jersey average of 7.5%.
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