West New York, New Jersey Housing Market Prices
West New York Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 148% above the New Jersey median$874,863
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Median rent About the same as the New Jersey median$1,715
Housing Market Overview
| Metric | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $874,863 | $352,792 | $248,835 |
| Price Trend (Annual %) | 101.3% | 4.4% | 7.5% |
| Median Gross Rent | $1,715 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West New York is about 148% higher than in New Jersey. Rent follows a similar pattern, running close to the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in West New York, up about 101.3% and 4.6% a year respectively. Home prices are changing faster.
Median rent in West New York rose about 46.2% between 2015 and 2024, from $1,173 to $1,715. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 12.2 yearly household incomes in West New York.
Buying the median-priced home in West New York costs roughly 42.5 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 West New York. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $874,863 | $352,792 | $248,835 |
| Median Household Income | $71,883 | $103,817 | $80,455 |
| Price-to-Income Ratio | 12.2 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in West New York rose about 3508.7%, while median household income rose about 65.8% between 2009 and 2025 — 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 | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 21.6% | 59.1% | 58.5% |
| Rental Rate | 72.5% | 33.5% | 31.2% |
| Vacancy Rate | 5.9% | 7.5% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
West New York has a homeownership rate of 21.6%, lower than the New Jersey average of 59.1%. Its housing vacancy rate is 5.9%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1968 | 1968 | 1978 |
| Median Number of Rooms | 3.7 | 5.7 | 5.5 |
The typical housing unit in West New York was built around 1968. On average, 2.5 people live in a home with about 3.7 rooms, staying for about 11.0 years on average.
West New York, NJ Housing Compared With Nearby Cities
How West New York, NJ compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| West New York, NJ | 51,736 | $874,863 #2/3 | $1,715 #2/3 | 22.9% #2/3 |
| Union City, NJ | 66,416 | $209,974 | $1,537 | 19.1% |
| Hoboken, NJ | 58,199 | $1,288,134 | $2,929 | 33.7% |
Frequently Asked Questions
Common questions about the housing market in West New York, New Jersey.
What is the median home price in West New York, New Jersey?
The median home price in West New York, New Jersey is $874,863, higher than the New Jersey average of $352,792.
What is the average home price in West New York, New Jersey?
The typical home price in West New York, New Jersey, reported as the median sale price, is $874,863. 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 West New York, New Jersey?
The median gross rent in West New York, New Jersey is $1,715 per month, about the same as the New Jersey average.
What was the median gross rent in West New York in 2020?
In 2020, the median gross rent in West New York, New Jersey was $1,364 per month.
What is the price-to-rent ratio in West New York, New Jersey?
The price-to-rent ratio in West New York, New Jersey is about 42.5, meaning it would take roughly 42.5 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 West New York.
Are home prices or rent rising faster in West New York, New Jersey?
Both home prices and rent are rising in West New York, up about 101.3% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in West New York, New Jersey?
21.6% of households in West New York, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in West New York, New Jersey?
The housing vacancy rate in West New York, New Jersey is 5.9%, lower than the New Jersey average of 7.5%.
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