Monmouth County, New Jersey Housing Market Prices
Monmouth County 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 23% above the New Jersey median Among the 5 most expensive counties in New Jersey$433,523
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Median rent 6% above the New Jersey median More expensive than 75% of counties in New Jersey$1,826
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $433,523 | $352,792 | $248,835 |
| Price Trend (Annual %) | 3.7% | 4.4% | 7.5% |
| Median Gross Rent | $1,826 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monmouth County is about 23% higher than in New Jersey. Rent is about 6% 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 Monmouth County, up about 3.7% and 4.6% a year respectively. Rent is changing faster.
Median rent in Monmouth County rose about 47.6% between 2015 and 2024, from $1,237 to $1,826. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Monmouth County.
Buying the median-priced home in Monmouth County costs roughly 19.8 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 Monmouth County. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $433,523 | $352,792 | $248,835 |
| Median Household Income | $124,868 | $103,817 | $80,455 |
| Price-to-Income Ratio | 3.5 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Monmouth County rose about 35.5%, while median household income rose about 46.3% 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 | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.3% | 59.1% | 58.5% |
| Rental Rate | 22.8% | 33.5% | 31.2% |
| Vacancy Rate | 6.9% | 7.5% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Monmouth County has a homeownership rate of 70.3%, higher than the New Jersey average of 59.1%. Its housing vacancy rate is 6.9%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1974 | 1968 | 1978 |
| Median Number of Rooms | 6.4 | 5.7 | 5.5 |
The typical housing unit in Monmouth County was built around 1974. On average, 2.5 people live in a home with about 6.4 rooms, staying for about 17.0 years on average.
Monmouth County, NJ Housing Compared With Nearby Counties
Monmouth County, NJ is typical in size for this group, 645,196 residents against a local median of 654,303, so the measures below are close to a like for like comparison. The measure that sets Monmouth County, NJ apart most is homeownership: 75.6%, 19% above the local median of 63.7%. That is the better end of the local range on this measure.
The counties themselves spread 51.3% on homeownership, so Monmouth County, NJ sits at one end of an already wide local range rather than apart from it. Monmouth County, NJ has the 2nd highest homeownership of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Monmouth County, NJ | 645,196 | $433,523 #4/6 | $1,826 #3/6 | 75.6% #2/6 |
| Richmond County, NY | 494,794 | $552,254 | $1,732 | 67.8% |
| Middlesex County, NJ | 870,701 | $279,129 | $1,871 | 63.7% |
| Union County, NJ | 578,268 | $435,289 | $1,730 | 57.4% |
| Kings County, NY | 2,630,245 | $977,210 | $1,832 | 29.5% |
| Ocean County, NJ | 654,303 | $381,212 | $1,755 | 80.7% |
Frequently Asked Questions
Common questions about the housing market in Monmouth County, New Jersey.
What is the median home price in Monmouth County, New Jersey?
The median home price in Monmouth County, New Jersey is $433,523, higher than the New Jersey average of $352,792.
What is the average home price in Monmouth County, New Jersey?
The typical home price in Monmouth County, New Jersey, reported as the median sale price, is $433,523. 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 Monmouth County, New Jersey?
The median gross rent in Monmouth County, New Jersey is $1,826 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Monmouth County in 2020?
In 2020, the median gross rent in Monmouth County, New Jersey was $1,436 per month.
What is the price-to-rent ratio in Monmouth County, New Jersey?
The price-to-rent ratio in Monmouth County, New Jersey is about 19.8, meaning it would take roughly 19.8 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 Monmouth County.
Are home prices or rent rising faster in Monmouth County, New Jersey?
Both home prices and rent are rising in Monmouth County, up about 3.7% and 4.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Monmouth County, New Jersey?
70.3% of households in Monmouth County, New Jersey own their home, higher than the New Jersey average of 59.1%.
What is the vacancy rate in Monmouth County, New Jersey?
The housing vacancy rate in Monmouth County, New Jersey is 6.9%, lower than the New Jersey average of 7.5%.
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