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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Passaic County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $418,799 | $359,215 | $242,182 |
| Price Trend (Annual %) | 4.6% | 5.3% | 8.2% |
| Median Gross Rent | $1,553 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Passaic County is about 17% higher than in New Jersey. Rent is about 6% 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 Passaic County, up about 4.6% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Passaic County rose about 31.1% between 2015 and 2023, from $1,184 to $1,553. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Passaic County.
Buying the median-priced home in Passaic County costs roughly 22.5 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 Passaic County. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Passaic County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $418,799 | $359,215 | $242,182 |
| Median Household Income | $87,418 | $101,200 | $78,145 |
| Price-to-Income Ratio | 4.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Passaic County rose about 57.1%, while median household income rose about 57.6% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Passaic County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.8% | 58.7% | 58.2% |
| Rental Rate | 45.2% | 33.4% | 31.3% |
| Vacancy Rate | 4.0% | 7.9% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Passaic County has a homeownership rate of 50.8%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 4.0%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Passaic County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.85 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1960 | 1968 | 1978 |
| Median Number of Rooms | 5.2 | 5.7 | 5.5 |
The typical housing unit in Passaic County was built around 1960. On average, 2.9 people live in a home with about 5.2 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Passaic County, New Jersey.
What is the median home price in Passaic County, New Jersey?
The median home price in Passaic County, New Jersey is $418,799, higher than the New Jersey average of $359,215.
What is the average home price in Passaic County, 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 Passaic County, New Jersey?
The median gross rent in Passaic County, New Jersey is $1,553 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Passaic County in 2020?
In 2020, the median gross rent in Passaic County, New Jersey was $1,310 per month.
What is the price-to-rent ratio in Passaic County, New Jersey?
The price-to-rent ratio in Passaic County, New Jersey is about 22.5, meaning it would take roughly 22.5 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 Passaic County.
Are home prices or rent rising faster in Passaic County, New Jersey?
Both home prices and rent are rising in Passaic County, up about 4.6% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Passaic County, New Jersey?
50.8% of households in Passaic County, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Passaic County, New Jersey?
The housing vacancy rate in Passaic County, New Jersey is 4.0%, lower than the New Jersey average of 7.9%.