Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some New Jersey cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in New Jersey is worth $401,400. But across the 42 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $100,000 to over $970,000.
In any local market, home prices are often a reflection of what residents can afford. In New Jersey, many of the least expensive cities for homebuyers are not high-income areas. Of the 42 New Jersey cities with available data from the ACS, 22 have a median home value that is less than the statewide median. In all but two of these places, the typical household earns less than the statewide median household income of $97,126.
These are the cheapest and most expensive housing markets in New Jersey.
42. Camden
Source: ChrisBoswell / iStock via Getty Images
- Median home value: $95,700
- Homes worth over $1 million: 0.0%
- Homeownership rate: 37.2%
- Median household income: $36,258
- Total population: 71,799
41. Trenton
Source: Ultima_Gaina / iStock via Getty Images
- Median home value: $111,200
- Homes worth over $1 million: 2.1%
- Homeownership rate: 38.3%
- Median household income: $44,444
- Total population: 90,055
40. Bridgeton
Source: Public Domain / Wikimedia Commons
- Median home value: $130,800
- Homes worth over $1 million: 0.5%
- Homeownership rate: 37.7%
- Median household income: $44,440
- Total population: 26,895
39. Atlantic City
Source: AUDREY SCRIPP / iStock via Getty Images
- Median home value: $174,200
- Homes worth over $1 million: 1.3%
- Homeownership rate: 30.8%
- Median household income: $35,188
- Total population: 38,487
38. Millville
Source: Tim Kiser / Wikimedia Commons
- Median home value: $185,400
- Homes worth over $1 million: 1.6%
- Homeownership rate: 65.5%
- Median household income: $65,279
- Total population: 27,523
37. Vineland
Source: shakzu / iStock via Getty Images
- Median home value: $205,500
- Homes worth over $1 million: 0.4%
- Homeownership rate: 68.8%
- Median household income: $63,468
- Total population: 60,796
36. Sicklerville
Source: gorodenkoff / iStock via Getty Images
- Median home value: $232,000
- Homes worth over $1 million: 0.8%
- Homeownership rate: 81.3%
- Median household income: $97,576
- Total population: 45,853
35. East Orange
Source: Jim.henderson / Public Domain / Wikimedia Commons
- Median home value: $282,900
- Homes worth over $1 million: 0.6%
- Homeownership rate: 28.0%
- Median household income: $58,659
- Total population: 68,879
34. New Brunswick
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $289,800
- Homes worth over $1 million: 1.2%
- Homeownership rate: 20.2%
- Median household income: $57,138
- Total population: 55,718
33. Newark
Source: ChrisBoswell / iStock via Getty Images
- Median home value: $312,300
- Homes worth over $1 million: 2.1%
- Homeownership rate: 23.9%
- Median household income: $46,460
- Total population: 307,355
32. Paterson
Source: 2021 Getty Images / Getty Images Sport via Getty Images
- Median home value: $314,100
- Homes worth over $1 million: 1.1%
- Homeownership rate: 26.3%
- Median household income: $52,092
- Total population: 157,864
31. Perth Amboy
Source: Thinkstock / Stockbyte via Getty Images
- Median home value: $327,700
- Homes worth over $1 million: 0.8%
- Homeownership rate: 35.3%
- Median household income: $56,239
- Total population: 55,226
30. Carteret
Source: Stockbyte / Stockbyte via Getty Images
- Median home value: $337,500
- Homes worth over $1 million: 0.3%
- Homeownership rate: 54.4%
- Median household income: $79,049
- Total population: 25,161
29. Rahway
Source: Marko Georgiev / Getty Images
- Median home value: $343,200
- Homes worth over $1 million: 1.3%
- Homeownership rate: 55.1%
- Median household income: $86,557
- Total population: 29,664
28. Plainfield
Source: Public Domain / Wikimedia Commons
- Median home value: $351,500
- Homes worth over $1 million: 1.0%
- Homeownership rate: 44.1%
- Median household income: $70,712
- Total population: 54,358
27. Hackensack
Source: jovannig / iStock via Getty Images
- Median home value: $353,000
- Homes worth over $1 million: 0.7%
- Homeownership rate: 36.5%
- Median household income: $79,133
- Total population: 45,758
26. Toms River
Source: Lisa McCabe / Getty Images
- Median home value: $356,100
- Homes worth over $1 million: 2.1%
- Homeownership rate: 80.6%
- Median household income: $92,012
- Total population: 92,827
25. Linden
Source: charleylhasa / Flickr
- Median home value: $357,000
- Homes worth over $1 million: 0.4%
- Homeownership rate: 60.0%
- Median household income: $86,801
- Total population: 43,478
24. Elizabeth
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $358,400
- Homes worth over $1 million: 0.3%
- Homeownership rate: 25.1%
- Median household income: $59,939
- Total population: 135,665
23. Sayreville
Source: 2013 Getty Images / Getty Images Entertainment via Getty Images
- Median home value: $377,600
- Homes worth over $1 million: 0.8%
- Homeownership rate: 63.6%
- Median household income: $95,250
- Total population: 45,136
22. Passaic
Source: texpan / iStock via Getty Images
- Median home value: $379,800
- Homes worth over $1 million: 2.7%
- Homeownership rate: 22.0%
- Median household income: $57,832
- Total population: 70,048
21. Fort Lee
Source: bigapple / iStock via Getty Images
- Median home value: $393,200
- Homes worth over $1 million: 8.4%
- Homeownership rate: 58.4%
- Median household income: $101,573
- Total population: 39,799
20. Kearny
Source: Ultima_Gaina / Getty Images
- Median home value: $404,000
- Homes worth over $1 million: 0.8%
- Homeownership rate: 47.2%
- Median household income: $81,307
- Total population: 41,157
19. West New York
Source: SelectStock / Vetta via Getty Images
- Median home value: $407,000
- Homes worth over $1 million: 2.2%
- Homeownership rate: 23.5%
- Median household income: $70,141
- Total population: 52,438
18. Bayonne
Source: Eloi_Omella / iStock via Getty Images
- Median home value: $413,100
- Homes worth over $1 million: 1.3%
- Homeownership rate: 39.2%
- Median household income: $80,044
- Total population: 70,497
17. Lodi
Source: 2011 Getty Images / Getty Images News via Getty Images
- Median home value: $423,900
- Homes worth over $1 million: 2.3%
- Homeownership rate: 44.3%
- Median household income: $80,044
- Total population: 25,969
16. Clifton
Source: texpan / iStock via Getty Images
- Median home value: $428,000
- Homes worth over $1 million: 1.3%
- Homeownership rate: 57.5%
- Median household income: $94,179
- Total population: 89,451
15. Garfield
Source: 2021 Getty Images / Getty Images News via Getty Images
- Median home value: $430,500
- Homes worth over $1 million: 0.6%
- Homeownership rate: 46.6%
- Median household income: $72,026
- Total population: 32,472
14. Bergenfield
Source: kenlund / Flickr
- Median home value: $437,700
- Homes worth over $1 million: 2.4%
- Homeownership rate: 69.6%
- Median household income: $121,738
- Total population: 28,223
13. Old Bridge
Source: Public Domain / Wikimedia Commons
- Median home value: $440,400
- Homes worth over $1 million: 0.1%
- Homeownership rate: 73.0%
- Median household income: $104,712
- Total population: 28,094
12. Long Branch
- Median home value: $446,800
- Homes worth over $1 million: 5.9%
- Homeownership rate: 42.6%
- Median household income: $72,234
- Total population: 31,932
11. Union City
Source: perspective / Flickr
- Median home value: $448,000
- Homes worth over $1 million: 1.5%
- Homeownership rate: 19.7%
- Median household income: $59,967
- Total population: 67,258
10. Englewood
Source: 2015 Getty Images / Getty Images Entertainment via Getty Images
- Median home value: $453,200
- Homes worth over $1 million: 18.0%
- Homeownership rate: 54.6%
- Median household income: $93,134
- Total population: 29,109
9. Fair Lawn
Source: roadgeek / Flickr
- Median home value: $488,300
- Homes worth over $1 million: 1.9%
- Homeownership rate: 79.3%
- Median household income: $141,540
- Total population: 34,948
8. Jersey City
Source: Darryl Brooks/Shutterstock
- Median home value: $500,100
- Homes worth over $1 million: 11.3%
- Homeownership rate: 29.2%
- Median household income: $91,151
- Total population: 287,899
7. Cliffside Park
Source: bigapple / iStock via Getty Images
- Median home value: $520,800
- Homes worth over $1 million: 6.6%
- Homeownership rate: 48.3%
- Median household income: $96,734
- Total population: 25,546
6. Lakewood
Source: Public Domain / Wikimedia Commons
- Median home value: $604,600
- Homes worth over $1 million: 13.9%
- Homeownership rate: 38.6%
- Median household income: $54,826
- Total population: 68,555
5. Paramus
Source: Johnrob / iStock via Getty Images
- Median home value: $684,800
- Homes worth over $1 million: 13.9%
- Homeownership rate: 81.5%
- Median household income: $136,824
- Total population: 26,582
4. Ridgewood
Source: richbs / Flickr
- Median home value: $858,900
- Homes worth over $1 million: 32.9%
- Homeownership rate: 83.0%
- Median household income: $211,224
- Total population: 26,043
3. Hoboken
Source: davidwilson1949 / Flickr
- Median home value: $859,300
- Homes worth over $1 million: 30.6%
- Homeownership rate: 34.4%
- Median household income: $168,137
- Total population: 58,754
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2. Westfield
Source: Tomsmith585 / iStock Unreleased via Getty Images
- Median home value: $890,000
- Homes worth over $1 million: 37.0%
- Homeownership rate: 79.8%
- Median household income: $203,235
- Total population: 30,839
1. Princeton
Source: aimintang / E+ via Getty Images
- Median home value: $971,200
- Homes worth over $1 million: 47.0%
- Homeownership rate: 58.6%
- Median household income: $176,695
- Total population: 30,450
| Rank | Places in New Jersey with at least 25,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Princeton | 971,200 | 58.6 | 176,695 | 30,450 |
| 2 | Westfield | 890,000 | 79.8 | 203,235 | 30,839 |
| 3 | Hoboken | 859,300 | 34.4 | 168,137 | 58,754 |
| 4 | Ridgewood | 858,900 | 83.0 | 211,224 | 26,043 |
| 5 | Paramus | 684,800 | 81.5 | 136,824 | 26,582 |
| 6 | Lakewood | 604,600 | 38.6 | 54,826 | 68,555 |
| 7 | Cliffside Park | 520,800 | 48.3 | 96,734 | 25,546 |
| 8 | Jersey City | 500,100 | 29.2 | 91,151 | 287,899 |
| 9 | Fair Lawn | 488,300 | 79.3 | 141,540 | 34,948 |
| 10 | Englewood | 453,200 | 54.6 | 93,134 | 29,109 |
| 11 | Union City | 448,000 | 19.7 | 59,967 | 67,258 |
| 12 | Long Branch | 446,800 | 42.6 | 72,234 | 31,932 |
| 13 | Old Bridge | 440,400 | 73.0 | 104,712 | 28,094 |
| 14 | Bergenfield | 437,700 | 69.6 | 121,738 | 28,223 |
| 15 | Garfield | 430,500 | 46.6 | 72,026 | 32,472 |
| 16 | Clifton | 428,000 | 57.5 | 94,179 | 89,451 |
| 17 | Lodi | 423,900 | 44.3 | 80,044 | 25,969 |
| 18 | Bayonne | 413,100 | 39.2 | 80,044 | 70,497 |
| 19 | West New York | 407,000 | 23.5 | 70,141 | 52,438 |
| 20 | Kearny | 404,000 | 47.2 | 81,307 | 41,157 |
| 21 | Fort Lee | 393,200 | 58.4 | 101,573 | 39,799 |
| 22 | Passaic | 379,800 | 22.0 | 57,832 | 70,048 |
| 23 | Sayreville | 377,600 | 63.6 | 95,250 | 45,136 |
| 24 | Elizabeth | 358,400 | 25.1 | 59,939 | 135,665 |
| 25 | Linden | 357,000 | 60.0 | 86,801 | 43,478 |
| 26 | Toms River | 356,100 | 80.6 | 92,012 | 92,827 |
| 27 | Hackensack | 353,000 | 36.5 | 79,133 | 45,758 |
| 28 | Plainfield | 351,500 | 44.1 | 70,712 | 54,358 |
| 29 | Rahway | 343,200 | 55.1 | 86,557 | 29,664 |
| 30 | Carteret | 337,500 | 54.4 | 79,049 | 25,161 |
| 31 | Perth Amboy | 327,700 | 35.3 | 56,239 | 55,226 |
| 32 | Paterson | 314,100 | 26.3 | 52,092 | 157,864 |
| 33 | Newark | 312,300 | 23.9 | 46,460 | 307,355 |
| 34 | New Brunswick | 289,800 | 20.2 | 57,138 | 55,718 |
| 35 | East Orange | 282,900 | 28.0 | 58,659 | 68,879 |
| 36 | Sicklerville | 232,000 | 81.3 | 97,576 | 45,853 |
| 37 | Vineland | 205,500 | 68.8 | 63,468 | 60,796 |
| 38 | Millville | 185,400 | 65.5 | 65,279 | 27,523 |
| 39 | Atlantic City | 174,200 | 30.8 | 35,188 | 38,487 |
| 40 | Bridgeton | 130,800 | 37.7 | 44,440 | 26,895 |
| 41 | Trenton | 111,200 | 38.3 | 44,444 | 90,055 |
| 42 | Camden | 95,700 | 37.2 | 36,258 | 71,799 |
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