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These days, finding an affordable place to live in the New Jersey area can be challenging. Home prices in New Jersey are now at a median cost of $388,929, higher than the the United States average of $313,691.
The average cost of rent is $1,647/mo in New Jersey, primarily driven by the current value of real estate in the New Jersey area. While nearly 35.28% of residents own their homes outright in New Jersey, 33.00% rent.
Housing affordability isn’t just about home prices, though. The average household income in New Jersey is $8,766 per month. Households that rent pay about 18.79% of their income on rent here. New Jersey's most expensive areas are in the northern regions, while the cheapest areas are in the southern parts of the state.
Nearby States
- Delaware: less expensive homes
- Connecticut: equally priced homes
- New York: higher priced homes
- Maryland: equally priced homes
- Pennsylvania: less expensive homes
- District of Columbia: higher priced homes
- Rhode Island: less expensive homes
- Massachusetts: higher priced homes
- New Hampshire: less expensive homes
- Vermont: less expensive homes
States with Similar Populations
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