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 | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $379,831 | $359,215 | $242,182 |
| Price Trend (Annual %) | 97.1% | 5.3% | 8.2% |
| Median Gross Rent | $1,607 | $1,653 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West New York is about 6% higher than in New Jersey. Rent is about 3% 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 West New York, up about 97.1% and 4.3% a year respectively. Home prices are changing faster.
Median rent in West New York rose about 36.9% between 2015 and 2023, from $1,173 to $1,607. Over the same span, rent in New Jersey rose about 38.7%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in West New York.
Buying the median-priced home in West New York costs roughly 19.7 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 West New York. The price-to-rent ratio in New Jersey is about 18.1.
| Metric | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $379,831 | $359,215 | $242,182 |
| Median Household Income | $67,888 | $101,200 | $78,145 |
| Price-to-Income Ratio | 5.6 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in West New York rose about 1465.5%, while median household income rose about 60.9% 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 | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 20.3% | 58.7% | 58.2% |
| Rental Rate | 72.8% | 33.4% | 31.3% |
| Vacancy Rate | 6.9% | 7.9% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
West New York has a homeownership rate of 20.3%, lower than the New Jersey average of 58.7%. Its housing vacancy rate is 6.9%, compared with 7.9% in New Jersey.
Housing Stock
| Metric | West New York | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.61 people | 2.54 people |
| Median Structure Built Year | 1965 | 1968 | 1978 |
| Median Number of Rooms | 3.8 | 5.7 | 5.5 |
The typical housing unit in West New York was built around 1965. On average, 2.5 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 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 $379,831, higher than the New Jersey average of $359,215.
What is the average home price in West New York, 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 West New York, New Jersey?
The median gross rent in West New York, New Jersey is $1,607 per month, lower than the New Jersey average of $1,653.
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 $1,365 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 19.7, meaning it would take roughly 19.7 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 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 97.1% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in West New York, New Jersey?
20.3% of households in West New York, New Jersey own their home, lower than the New Jersey average of 58.7%.
What is the vacancy rate in West New York, New Jersey?
The housing vacancy rate in West New York, New Jersey is 6.9%, lower than the New Jersey average of 7.9%.