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 | Perth Amboy | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $375,046 | $359,215 | $242,182 |
| Price Trend (Annual %) | 16.1% | 5.3% | 8.2% |
| Median Gross Rent | $1,629 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Perth Amboy is about 4% higher than in New Jersey. Rent is about 1% 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 Perth Amboy, up about 16.1% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Perth Amboy rose about 39.8% between 2015 and 2023, from $1,165 to $1,629. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Perth Amboy.
Buying the median-priced home in Perth Amboy costs roughly 19.2 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 Perth Amboy. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Perth Amboy | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $375,046 | $359,215 | $242,182 |
| Median Household Income | $59,249 | $101,200 | $78,145 |
| Price-to-Income Ratio | 6.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Perth Amboy rose about 99.2%, while median household income rose about 25.5% between 2009 and 2023 — 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 | Perth Amboy | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 32.2% | 58.7% | 58.2% |
| Rental Rate | 64.4% | 33.4% | 31.3% |
| Vacancy Rate | 3.4% | 7.9% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Perth Amboy has a homeownership rate of 32.2%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 3.4%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Perth Amboy | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.88 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1958 | 1968 | 1978 |
| Median Number of Rooms | 4.6 | 5.7 | 5.5 |
The typical housing unit in Perth Amboy was built around 1958. On average, 2.9 people live in a home with about 4.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Perth Amboy, New Jersey.
What is the median home price in Perth Amboy, New Jersey?
The median home price in Perth Amboy, New Jersey is $375,046, higher than the New Jersey average of $359,215.
What is the average home price in Perth Amboy, 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 Perth Amboy, New Jersey?
The median gross rent in Perth Amboy, New Jersey is $1,629 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Perth Amboy in 2020?
In 2020, the median gross rent in Perth Amboy, New Jersey was $1,387 per month.
What is the price-to-rent ratio in Perth Amboy, New Jersey?
The price-to-rent ratio in Perth Amboy, New Jersey is about 19.2, meaning it would take roughly 19.2 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 Perth Amboy.
Are home prices or rent rising faster in Perth Amboy, New Jersey?
Both home prices and rent are rising in Perth Amboy, up about 16.1% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Perth Amboy, New Jersey?
32.2% of households in Perth Amboy, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Perth Amboy, New Jersey?
The housing vacancy rate in Perth Amboy, New Jersey is 3.4%, lower than the New Jersey average of 7.9%.