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 | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $249,637 | $359,215 | $242,182 |
| Price Trend (Annual %) | 1.2% | 5.3% | 8.2% |
| Median Gross Rent | $1,488 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Union City is about 31% lower than in New Jersey. Rent is about 10% 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 Union City, up about 1.2% and 4.1% a year respectively. Rent is changing faster.
Median rent in Union City rose about 33.8% between 2015 and 2023, from $1,113 to $1,488. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Union City.
Buying the median-priced home in Union City costs roughly 14.0 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 Union City. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $249,637 | $359,215 | $242,182 |
| Median Household Income | $64,967 | $101,200 | $78,145 |
| Price-to-Income Ratio | 3.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Union City fell about 0.2%, while median household income rose about 65.9% 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 | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 19.3% | 58.7% | 58.2% |
| Rental Rate | 74.7% | 33.4% | 31.3% |
| Vacancy Rate | 6.1% | 7.9% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Union City has a homeownership rate of 19.3%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 6.1%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1960 | 1968 | 1978 |
| Median Number of Rooms | 3.8 | 5.7 | 5.5 |
The typical housing unit in Union City was built around 1960. On average, 2.6 people live in a home with about 3.8 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Union City, New Jersey.
What is the median home price in Union City, New Jersey?
The median home price in Union City, New Jersey is $249,637, lower than the New Jersey average of $359,215.
What is the average home price in Union City, 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 Union City, New Jersey?
The median gross rent in Union City, New Jersey is $1,488 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Union City in 2020?
In 2020, the median gross rent in Union City, New Jersey was $1,246 per month.
What is the price-to-rent ratio in Union City, New Jersey?
The price-to-rent ratio in Union City, New Jersey is about 14.0, meaning it would take roughly 14.0 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 Union City.
Are home prices or rent rising faster in Union City, New Jersey?
Both home prices and rent are rising in Union City, up about 1.2% and 4.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Union City, New Jersey?
19.3% of households in Union City, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in Union City, New Jersey?
The housing vacancy rate in Union City, New Jersey is 6.1%, lower than the New Jersey average of 7.9%.