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 | Warren County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,888 | $359,215 | $242,182 |
| Price Trend (Annual %) | -2.3% | 5.3% | 8.2% |
| Median Gross Rent | $1,367 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Warren County is about 57% lower than in New Jersey. Rent is about 17% lower than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Warren County: home prices fell about 2.3% a year while rent rose about 4.1% a year. That is an unusual pattern worth watching.
Median rent in Warren County rose about 35.0% between 2015 and 2023, from $1,013 to $1,367. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Warren County.
Buying the median-priced home in Warren County costs roughly 9.4 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 Warren County. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | Warren County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,888 | $359,215 | $242,182 |
| Median Household Income | $99,511 | $101,200 | $78,145 |
| Price-to-Income Ratio | 1.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Warren County fell about 27.0%, while median household income rose about 42.3% 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 | Warren County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.5% | 58.7% | 58.2% |
| Rental Rate | 24.8% | 33.4% | 31.3% |
| Vacancy Rate | 3.7% | 7.9% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Warren County has a homeownership rate of 71.5%, higher than the New Jersey average of 58.7%. Its housing vacancy rate is 3.7%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | Warren County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1968 | 1968 | 1978 |
| Median Number of Rooms | 6.3 | 5.7 | 5.5 |
The typical housing unit in Warren County was built around 1968. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Warren County, New Jersey.
What is the median home price in Warren County, New Jersey?
The median home price in Warren County, New Jersey is $153,888, lower than the New Jersey average of $359,215.
What is the average home price in Warren 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 Warren County, New Jersey?
The median gross rent in Warren County, New Jersey is $1,367 per month, lower than the New Jersey average of $1,653.
What was the median gross rent in Warren County in 2020?
In 2020, the median gross rent in Warren County, New Jersey was $1,128 per month.
What is the price-to-rent ratio in Warren County, New Jersey?
The price-to-rent ratio in Warren County, New Jersey is about 9.4, meaning it would take roughly 9.4 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 Warren County.
Are home prices or rent rising faster in Warren County, New Jersey?
Home prices and rent are moving in opposite directions in Warren County: home prices fell about 2.3% a year while rent rose about 4.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Warren County, New Jersey?
71.5% of households in Warren County, New Jersey own their home, higher than the New Jersey average of 58.7%.
What is the vacancy rate in Warren County, New Jersey?
The housing vacancy rate in Warren County, New Jersey is 3.7%, lower than the New Jersey average of 7.9%.