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 | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $410,991 | $359,215 | $242,182 |
| Price Trend (Annual %) | 18.2% | 5.3% | 8.2% |
| Median Gross Rent | $1,764 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rahway is about 14% higher than in New Jersey. Rent is about 7% 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 Rahway, up about 18.2% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Rahway rose about 39.9% between 2015 and 2023, from $1,261 to $1,764. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Rahway.
Buying the median-priced home in Rahway costs roughly 19.4 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 Rahway. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $410,991 | $359,215 | $242,182 |
| Median Household Income | $89,856 | $101,200 | $78,145 |
| Price-to-Income Ratio | 4.6 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rahway rose about 155.7%, while median household income rose about 43.1% 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 | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.7% | 58.7% | 58.2% |
| Rental Rate | 44.2% | 33.4% | 31.3% |
| Vacancy Rate | 5.1% | 7.9% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Rahway has a homeownership rate of 50.7%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 5.1%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1967 | 1968 | 1978 |
| Median Number of Rooms | 4.9 | 5.7 | 5.5 |
The typical housing unit in Rahway was built around 1967. On average, 2.4 people live in a home with about 4.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rahway, New Jersey.
What is the median home price in Rahway, New Jersey?
The median home price in Rahway, New Jersey is $410,991, higher than the New Jersey average of $359,215.
What is the average home price in Rahway, 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 Rahway, New Jersey?
The median gross rent in Rahway, New Jersey is $1,764 per month, higher than the New Jersey average of $1,653.
What was the median gross rent in Rahway in 2020?
In 2020, the median gross rent in Rahway, New Jersey was $1,271 per month.
What is the price-to-rent ratio in Rahway, New Jersey?
The price-to-rent ratio in Rahway, New Jersey is about 19.4, meaning it would take roughly 19.4 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 Rahway.
Are home prices or rent rising faster in Rahway, New Jersey?
Both home prices and rent are rising in Rahway, up about 18.2% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rahway, New Jersey?
50.7% of households in Rahway, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Rahway, New Jersey?
The housing vacancy rate in Rahway, New Jersey is 5.1%, lower than the New Jersey average of 7.9%.