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 | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $492,485 | $359,215 | $242,182 |
| Price Trend (Annual %) | 0.4% | 5.3% | 8.2% |
| Median Gross Rent | $1,976 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Palisades Park is about 37% higher than in New Jersey. Rent is about 20% 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 Palisades Park, up about 0.4% and 5.1% a year respectively. Rent is changing faster.
Median rent in Palisades Park rose about 42.3% between 2015 and 2023, from $1,388 to $1,976. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 4.9 yearly household incomes in Palisades Park.
Buying the median-priced home in Palisades Park costs roughly 20.8 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 Palisades Park. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $492,485 | $359,215 | $242,182 |
| Median Household Income | $100,994 | $101,200 | $78,145 |
| Price-to-Income Ratio | 4.9 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Palisades Park rose about 1.6%, while median household income rose about 61.3% 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 | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.0% | 58.7% | 58.2% |
| Rental Rate | 60.9% | 33.4% | 31.3% |
| Vacancy Rate | 3.1% | 7.9% | 10.6% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Palisades Park has a homeownership rate of 36.0%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 3.1%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1975 | 1968 | 1978 |
| Median Number of Rooms | 4.7 | 5.7 | 5.5 |
The typical housing unit in Palisades Park was built around 1975. On average, 2.7 people live in a home with about 4.7 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Palisades Park, New Jersey.
What is the median home price in Palisades Park, New Jersey?
The median home price in Palisades Park, New Jersey is $492,485, higher than the New Jersey average of $359,215.
What is the average home price in Palisades Park, 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 Palisades Park, New Jersey?
The median gross rent in Palisades Park, New Jersey is $1,976 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Palisades Park in 2020?
In 2020, the median gross rent in Palisades Park, New Jersey was $1,637 per month.
What is the price-to-rent ratio in Palisades Park, New Jersey?
The price-to-rent ratio in Palisades Park, New Jersey is about 20.8, meaning it would take roughly 20.8 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 Palisades Park.
Are home prices or rent rising faster in Palisades Park, New Jersey?
Both home prices and rent are rising in Palisades Park, up about 0.4% and 5.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Palisades Park, New Jersey?
36.0% of households in Palisades Park, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Palisades Park, New Jersey?
The housing vacancy rate in Palisades Park, New Jersey is 3.1%, lower than the New Jersey average of 7.9%.