March 6, 2024 – MyMarketPulse (mymarketpulse.com) just released the list of most affordable counties in New Jersey for January 2024.
Looking for a bargain on a new home, but worried about paying for it? Curious if there are spots in New Jersey where homes are actually affordable based on what folks earn? MyMarketPulse took a deep dive into it, exploring where in New Jersey you can truly afford to live without breaking the bank.
What We Uncovered
We zeroed in on each county, pulling up the median sale prices from Redfin alongside median household incomes straight from U.S. Census data, focusing on counties with 25 or more home sales per month. By dividing the median home price by the median income, we got a clear picture of affordability – basically, how many years of income it takes to buy a home. Counties were then ranked from most to least affordable based on this ratio.
The Highlights
In New Jersey, the most wallet-friendly county for locals to buy a home is Salem County, where the median home price is just 3.1 times the typical local annual salary. The median sale price is $229,900.
On the flip side, Cape May County sits at the pricey end of the spectrum, with homes costing 8.0 times what the average local earns in a year. The median sale price is $675,000.
Most Affordable Counties in New Jersey
1. Salem County
2. Gloucester County
3. Sussex County
4. Hunterdon County
5. Cumberland County
Least Affordable Counties in New Jersey
1. Cape May County
2. Essex County
3. Hudson County
4. Monmouth County
5. Passaic County
For more information about the New Jersey market, visit MyMarketPulse.com.
MyMarketPulse is a free service of Digital Build Team (DBT, DigitalBuildTeam.com). Its goal is to help everyone quickly understand and compare real estate markets by providing timely data and visual analysis to help explain current market trends and predict future opportunities.
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