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Affordable
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These days, finding an affordable place to live in the Cape May Point area can be challenging. Home prices in Cape May Point are now at a median cost of $983,200, higher than the New Jersey average of $496,577.
The average cost of rent is $1,232/mo in Cape May Point, primarily driven by the current value of real estate in the Cape May Point area. In Cape May Point, 0.83% of households rent, and 51.05% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Cape May Point is $12,460 per month. Households that rent pay about 9.89% of their income on rent here. Cape May Point’s most expensive areas are in the central regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- West Cape May, NJ: less expensive homes
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