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Affordable
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These days, finding an affordable place to live in the Cape May area can be challenging. Home prices in Cape May are now at a median cost of $560,454, higher than the New Jersey average of $496,577.
The average cost of rent is $1,467/mo in Cape May, primarily driven by the current value of real estate in the Cape May area. In Cape May, 23.79% of households rent, and 40.37% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Cape May is $6,927 per month. Households that rent pay about 21.18% of their income on rent here. Cape May’s most expensive areas are in the southwestern regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Cold Spring, NJ: less expensive homes
- North Cape May, NJ: less expensive homes
- West Cape May, NJ: higher priced homes
- Wildwood Gables, NJ: higher priced homes
- Villas, NJ: less expensive homes
- Cape May Point, NJ: higher priced homes
- Rio Grande, NJ: less expensive homes
- Wildwood Crest, NJ: higher priced homes
- Wildwood, NJ: less expensive homes
- West Wildwood, NJ: less expensive homes
Cities with Similar Populations
- Camdenton, MO: less expensive homes
- Tillamook, OR: less expensive homes
- Totowa, NJ: equally priced homes
- Tres Hermanos, PR: less expensive homes
- Chamblee, GA: less expensive homes
- Central, SC: less expensive homes
- Celebration, FL: higher priced homes
- Urbana, MD: higher priced homes
- Vineyard Haven, MA: higher priced homes
- Cardiff By The Sea, CA: higher priced homes
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