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Affordable
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These days, finding an affordable place to live in the 07016 area can be challenging. Home prices in 07016 are now at a median cost of $671,546, higher than the New Jersey average of $496,577.
The average cost of rent is $2,036/mo in 07016, primarily driven by the current value of real estate in the 07016 area. In 07016, 22.49% of households rent, and 33.96% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in 07016 is $13,671 per month. Households that rent pay about 14.89% of their income on rent here. 07016’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southeastern parts of the zip.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Zip Codes
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Zip Codes with Similar Populations
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