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These days, finding an affordable place to live in the Mountain Lakes area can be challenging. Home prices in Mountain Lakes are now at a median cost of $965,065, higher than the New Jersey average of $496,577.
The average cost of rent is $3,397/mo in Mountain Lakes, primarily driven by the current value of real estate in the Mountain Lakes area. In Mountain Lakes, 5.50% of households rent, and 32.88% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Mountain Lakes is $19,272 per month. Households that rent pay about 17.62% of their income on rent here. Mountain Lakes’s most expensive areas are in the central regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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