The Cheapest and Most Expensive Housing Markets in New Jersey

Special Report

The Northeast Coast Marks One Year Anniversary Of Hurricane Sandy

Published: April 1, 2024 11:50 am

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some New Jersey cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in New Jersey is worth $401,400. But across the 42 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $100,000 to over $970,000.

In any local market, home prices are often a reflection of what residents can afford. In New Jersey, many of the least expensive cities for homebuyers are not high-income areas. Of the 42 New Jersey cities with available data from the ACS, 22 have a median home value that is less than the statewide median. In all but two of these places, the typical household earns less than the statewide median household income of $97,126.

These are the cheapest and most expensive housing markets in New Jersey.

42. Camden

Median home value: $95,700
Homes worth over $1 million: 0.0%
Homeownership rate: 37.2%
Median household income: $36,258
Total population: 71,799

41. Trenton

Median home value: $111,200
Homes worth over $1 million: 2.1%
Homeownership rate: 38.3%
Median household income: $44,444
Total population: 90,055

40. Bridgeton

Median home value: $130,800
Homes worth over $1 million: 0.5%
Homeownership rate: 37.7%
Median household income: $44,440
Total population: 26,895

39. Atlantic City

Median home value: $174,200
Homes worth over $1 million: 1.3%
Homeownership rate: 30.8%
Median household income: $35,188
Total population: 38,487

38. Millville

Median home value: $185,400
Homes worth over $1 million: 1.6%
Homeownership rate: 65.5%
Median household income: $65,279
Total population: 27,523

37. Vineland

Median home value: $205,500
Homes worth over $1 million: 0.4%
Homeownership rate: 68.8%
Median household income: $63,468
Total population: 60,796

36. Sicklerville

Close Up of a House Sold Sign on a Lawn in Front of a Big Modern House with Traditional Architecture. Housing Market Concept with Residential Property in the Countryside.

Median home value: $232,000
Homes worth over $1 million: 0.8%
Homeownership rate: 81.3%
Median household income: $97,576
Total population: 45,853

35. East Orange

Median home value: $282,900
Homes worth over $1 million: 0.6%
Homeownership rate: 28.0%
Median household income: $58,659
Total population: 68,879

34. New Brunswick

Median home value: $289,800
Homes worth over $1 million: 1.2%
Homeownership rate: 20.2%
Median household income: $57,138
Total population: 55,718

33. Newark

Median home value: $312,300
Homes worth over $1 million: 2.1%
Homeownership rate: 23.9%
Median household income: $46,460
Total population: 307,355

32. Paterson

Median home value: $314,100
Homes worth over $1 million: 1.1%
Homeownership rate: 26.3%
Median household income: $52,092
Total population: 157,864

31. Perth Amboy

Median home value: $327,700
Homes worth over $1 million: 0.8%
Homeownership rate: 35.3%
Median household income: $56,239
Total population: 55,226

30. Carteret

Median home value: $337,500
Homes worth over $1 million: 0.3%
Homeownership rate: 54.4%
Median household income: $79,049
Total population: 25,161

29. Rahway

Median home value: $343,200
Homes worth over $1 million: 1.3%
Homeownership rate: 55.1%
Median household income: $86,557
Total population: 29,664

28. Plainfield

Median home value: $351,500
Homes worth over $1 million: 1.0%
Homeownership rate: 44.1%
Median household income: $70,712
Total population: 54,358

27. Hackensack

Median home value: $353,000
Homes worth over $1 million: 0.7%
Homeownership rate: 36.5%
Median household income: $79,133
Total population: 45,758

26. Toms River

Median home value: $356,100
Homes worth over $1 million: 2.1%
Homeownership rate: 80.6%
Median household income: $92,012
Total population: 92,827

25. Linden

Median home value: $357,000
Homes worth over $1 million: 0.4%
Homeownership rate: 60.0%
Median household income: $86,801
Total population: 43,478

24. Elizabeth

Median home value: $358,400
Homes worth over $1 million: 0.3%
Homeownership rate: 25.1%
Median household income: $59,939
Total population: 135,665

23. Sayreville

Hurricane Sandy New Jersey Relief Fund Press Conference

Median home value: $377,600
Homes worth over $1 million: 0.8%
Homeownership rate: 63.6%
Median household income: $95,250
Total population: 45,136

22. Passaic

Median home value: $379,800
Homes worth over $1 million: 2.7%
Homeownership rate: 22.0%
Median household income: $57,832
Total population: 70,048

21. Fort Lee

Median home value: $393,200
Homes worth over $1 million: 8.4%
Homeownership rate: 58.4%
Median household income: $101,573
Total population: 39,799

20. Kearny

Median home value: $404,000
Homes worth over $1 million: 0.8%
Homeownership rate: 47.2%
Median household income: $81,307
Total population: 41,157

19. West New York

Median home value: $407,000
Homes worth over $1 million: 2.2%
Homeownership rate: 23.5%
Median household income: $70,141
Total population: 52,438

18. Bayonne

Median home value: $413,100
Homes worth over $1 million: 1.3%
Homeownership rate: 39.2%
Median household income: $80,044
Total population: 70,497

17. Lodi

New Jersey Experiences Major Flooding From Tropical Storm Irene

Median home value: $423,900
Homes worth over $1 million: 2.3%
Homeownership rate: 44.3%
Median household income: $80,044
Total population: 25,969

16. Clifton

Median home value: $428,000
Homes worth over $1 million: 1.3%
Homeownership rate: 57.5%
Median household income: $94,179
Total population: 89,451

15. Garfield

Remnants Of Hurricane Ida Move Through Northeast Causing Widespread Flooding

Median home value: $430,500
Homes worth over $1 million: 0.6%
Homeownership rate: 46.6%
Median household income: $72,026
Total population: 32,472

14. Bergenfield

Median home value: $437,700
Homes worth over $1 million: 2.4%
Homeownership rate: 69.6%
Median household income: $121,738
Total population: 28,223

13. Old Bridge

Median home value: $440,400
Homes worth over $1 million: 0.1%
Homeownership rate: 73.0%
Median household income: $104,712
Total population: 28,094

12. Long Branch

Woodrow Wilson Hall, West Long Branch, NJ - south view by Zeete

Woodrow Wilson Hall, West Long Branch, NJ - south view (CC BY-SA 4.0) by Zeete

Median home value: $446,800
Homes worth over $1 million: 5.9%
Homeownership rate: 42.6%
Median household income: $72,234
Total population: 31,932

11. Union City

Median home value: $448,000
Homes worth over $1 million: 1.5%
Homeownership rate: 19.7%
Median household income: $59,967
Total population: 67,258

10. Englewood

National Geographic Channel And Uber Celebrate The Groundbreaking New Series

Median home value: $453,200
Homes worth over $1 million: 18.0%
Homeownership rate: 54.6%
Median household income: $93,134
Total population: 29,109

9. Fair Lawn

Median home value: $488,300
Homes worth over $1 million: 1.9%
Homeownership rate: 79.3%
Median household income: $141,540
Total population: 34,948

8. Jersey City

Median home value: $500,100
Homes worth over $1 million: 11.3%
Homeownership rate: 29.2%
Median household income: $91,151
Total population: 287,899

7. Cliffside Park

Median home value: $520,800
Homes worth over $1 million: 6.6%
Homeownership rate: 48.3%
Median household income: $96,734
Total population: 25,546

6. Lakewood

Median home value: $604,600
Homes worth over $1 million: 13.9%
Homeownership rate: 38.6%
Median household income: $54,826
Total population: 68,555

5. Paramus

Median home value: $684,800
Homes worth over $1 million: 13.9%
Homeownership rate: 81.5%
Median household income: $136,824
Total population: 26,582

4. Ridgewood

Median home value: $858,900
Homes worth over $1 million: 32.9%
Homeownership rate: 83.0%
Median household income: $211,224
Total population: 26,043

3. Hoboken

Median home value: $859,300
Homes worth over $1 million: 30.6%
Homeownership rate: 34.4%
Median household income: $168,137
Total population: 58,754

2. Westfield

Median home value: $890,000
Homes worth over $1 million: 37.0%
Homeownership rate: 79.8%
Median household income: $203,235
Total population: 30,839

1. Princeton

Median home value: $971,200
Homes worth over $1 million: 47.0%
Homeownership rate: 58.6%
Median household income: $176,695
Total population: 30,450

Rank	Places in New Jersey with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Princeton	971,200	58.6	176,695	30,450
2	Westfield	890,000	79.8	203,235	30,839
3	Hoboken	859,300	34.4	168,137	58,754
4	Ridgewood	858,900	83.0	211,224	26,043
5	Paramus	684,800	81.5	136,824	26,582
6	Lakewood	604,600	38.6	54,826	68,555
7	Cliffside Park	520,800	48.3	96,734	25,546
8	Jersey City	500,100	29.2	91,151	287,899
9	Fair Lawn	488,300	79.3	141,540	34,948
10	Englewood	453,200	54.6	93,134	29,109
11	Union City	448,000	19.7	59,967	67,258
12	Long Branch	446,800	42.6	72,234	31,932
13	Old Bridge	440,400	73.0	104,712	28,094
14	Bergenfield	437,700	69.6	121,738	28,223
15	Garfield	430,500	46.6	72,026	32,472
16	Clifton	428,000	57.5	94,179	89,451
17	Lodi	423,900	44.3	80,044	25,969
18	Bayonne	413,100	39.2	80,044	70,497
19	West New York	407,000	23.5	70,141	52,438
20	Kearny	404,000	47.2	81,307	41,157
21	Fort Lee	393,200	58.4	101,573	39,799
22	Passaic	379,800	22.0	57,832	70,048
23	Sayreville	377,600	63.6	95,250	45,136
24	Elizabeth	358,400	25.1	59,939	135,665
25	Linden	357,000	60.0	86,801	43,478
26	Toms River	356,100	80.6	92,012	92,827
27	Hackensack	353,000	36.5	79,133	45,758
28	Plainfield	351,500	44.1	70,712	54,358
29	Rahway	343,200	55.1	86,557	29,664
30	Carteret	337,500	54.4	79,049	25,161
31	Perth Amboy	327,700	35.3	56,239	55,226
32	Paterson	314,100	26.3	52,092	157,864
33	Newark	312,300	23.9	46,460	307,355
34	New Brunswick	289,800	20.2	57,138	55,718
35	East Orange	282,900	28.0	58,659	68,879
36	Sicklerville	232,000	81.3	97,576	45,853
37	Vineland	205,500	68.8	63,468	60,796
38	Millville	185,400	65.5	65,279	27,523
39	Atlantic City	174,200	30.8	35,188	38,487
40	Bridgeton	130,800	37.7	44,440	26,895
41	Trenton	111,200	38.3	44,444	90,055
42	Camden	95,700	37.2	36,258	71,799

Travel Cards Are Getting Too Good To Ignore (sponsored)

Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.

We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.

It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.

We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.

Read more: Special Report, acs, census bureau, cheapest city to buy a home in New Jersey, cheapest place to own a home in New Jersey, home prices in New Jersey, median home value, most affordable housing market in New Jersey, most and least expensive New Jersey cities, most expensive place to buy a home in New Jersey, Housing

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

Has Apple Sold 20 Million iPhone 15s?

5 Sizzling Cathie Wood ARK Investment Stocks Trade...

The State With The Highest Divorce Rate

These Americans Own the Most Guns: Every State Ranked