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 | Newark | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,283 | $359,215 | $242,182 |
| Price Trend (Annual %) | 0.1% | 5.3% | 8.2% |
| Median Gross Rent | $1,329 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Newark is about 55% lower than in New Jersey. Rent is about 20% lower 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 Newark, up about 0.1% and 4.5% a year respectively. Rent is changing faster.
Median rent in Newark rose about 36.8% between 2015 and 2023, from $972 to $1,329. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Newark.
Buying the median-priced home in Newark costs roughly 10.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Newark. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Newark | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,283 | $359,215 | $242,182 |
| Median Household Income | $48,408 | $101,200 | $78,145 |
| Price-to-Income Ratio | 3.4 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Newark fell about 11.7%, while median household income rose about 36.1% 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 | Newark | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 22.6% | 58.7% | 58.2% |
| Rental Rate | 71.0% | 33.4% | 31.3% |
| Vacancy Rate | 6.5% | 7.9% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Newark has a homeownership rate of 22.6%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 6.5%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Newark | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1966 | 1968 | 1978 |
| Median Number of Rooms | 4.4 | 5.7 | 5.5 |
The typical housing unit in Newark was built around 1966. On average, 2.6 people live in a home with about 4.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Newark, New Jersey.
What is the median home price in Newark, New Jersey?
The median home price in Newark, New Jersey is $163,283, lower than the New Jersey average of $359,215.
What is the average home price in Newark, 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 Newark, New Jersey?
The median gross rent in Newark, New Jersey is $1,329 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Newark in 2020?
In 2020, the median gross rent in Newark, New Jersey was $1,115 per month.
What is the price-to-rent ratio in Newark, New Jersey?
The price-to-rent ratio in Newark, New Jersey is about 10.2, meaning it would take roughly 10.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Newark.
Are home prices or rent rising faster in Newark, New Jersey?
Both home prices and rent are rising in Newark, up about 0.1% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Newark, New Jersey?
22.6% of households in Newark, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Newark, New Jersey?
The housing vacancy rate in Newark, New Jersey is 6.5%, lower than the New Jersey average of 7.9%.