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Best Places for Homeownership in New Jersey- Full Ranking

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by on June 5, 2014

To download the full data set, click here. To embed the chart on your website, use the embed code below.

<iframe src=”https://docs.google.com/spreadsheets/d/10pazCDb5dRBHaFmHvKj3A6O9MGpu93ve0ij2oknGuPg/pubhtml?widget=true&amp;headers=false”></iframe>

 

Rank City Homeownership Rate Median Selected Monthly Homeowner Costs Median Monthly Household Income Homeowner Costs as % of Household Income Median Home Values 2012 Population 2010 Population 2010-2012 Population Growth
1 Williamstown 77.3% $2,040 $5,356 38.1% $219,700 15,256 14,232 7.2%
2 Ocean Acres 92.3% $2,170 $6,451 33.6% $281,200 16,254 15,772 3.1%
3 Woodbridge 63.1% $2,223 $6,802 32.7% $286,000 20,125 19,234 4.6%
4 South Plainfield 84.8% $2,410 $7,606 31.7% $334,800 23,397 23,090 1.3%
5 Somerset 78.1% $2,367 $7,360 32.2% $322,500 22,790 22,385 1.8%
6 Secaucus 64.1% $2,612 $7,162 36.5% $418,200 16,809 16,008 5.0%
7 *Old Bridge 86.3% $2,509 $8,145 30.8% $357,500 23,397 23,324 0.3%
8 Hopatcong 92.2% $2,196 $7,331 30.0% $267,500 15,169 15,440 (1.8%)
9 Tinton Falls 78.7% $2,422 $6,228 38.9% $333,000 17,794 17,532 1.5%
10 **Toms River 82.6% $2,188 $6,039 36.2% $302,500 89,095 88,841 0.3%
11 Paramus 89.6% $3,109 $8,497 36.6% $564,100 26,301 26,084 0.8%
12 ***Vineland 67.4% $1,715 $4,392 39.0% $180,900 60,610 59,908 1.2%
13 Iselin 64.0% $2,242 $7,353 30.5% $324,300 19,115 18,726 2.1%
14 Carteret 61.6% $2,279 $5,150 44.3% $281,400 23,135 22,445 3.1%
15 Fair Lawn 76.4% $2,849 $8,025 35.5% $409,100 32,479 32,147 1.0%
16 Sayreville 69.4% $2,362 $6,386 37.0% $328,600 42,929 42,279 1.5%
17 South River 71.1% $2,258 $5,675 39.8% $310,200 15,992 15,862 0.8%
18 ***Millville 63.4% $1,724 $4,115 41.9% $176,200 28,438 28,134 1.1%
19 Point Pleasant 82.1% $2,296 $6,809 33.7% $363,700 18,499 18,704 (1.1%)
20 Westfield 81.6% $3,697 $10,909 33.9% $650,000 30,296 29,950 1.2%
21 Bergenfield 69.8% $2,857 $6,762 42.3% $359,500 26,774 26,517 1.0%
22 Dumont 70.3% $2,786 $7,392 37.7% $379,900 17,505 17,386 0.7%
23 Glassboro 67.6% $1,954 $5,122 38.2% $216,400 18,750 18,811 (0.3%)
24 Hawthorne 67.3% $2,784 $6,706 41.5% $381,700 18,753 18,574 1.0%
25 Ridgewood 80.0% $3,948 $12,474 31.6% $704,300 24,999 24,827 0.7%
26 Avenel 54.7% $2,398 $6,087 39.4% $292,500 17,392 17,087 1.8%
27 Pleasantville 57.4% $1,770 $3,334 53.1% $166,100 20,387 20,210 0.9%
28 Clifton 61.9% $2,648 $5,347 49.5% $349,300 83,926 82,776 1.4%
29 Rahway 59.8% $2,514 $4,951 50.8% $312,200 27,369 26,968 1.5%
30 Colonia 90.7% $2,519 $7,563 33.3% $358,600 17,263 18,100 (4.6%)
31 Rutherford 65.6% $2,888 $6,969 41.4% $433,000 18,084 17,970 0.6%
32 Linden 58.5% $2,378 $5,051 47.1% $311,000 40,421 39,967 1.1%
33 Elmwood Park 61.3% $2,644 $5,642 46.9% $391,000 19,461 19,214 1.3%
34 Fort Lee 60.6% $2,482 $5,909 42.0% $355,600 35,420 35,161 0.7%
35 North Arlington 54.8% $2,572 $6,519 39.5% $369,000 15,407 15,271 0.9%
36 Madison 69.0% $3,258 $9,028 36.1% $627,600 15,923 15,846 0.5%
37 New Milford 62.0% $2,965 $6,253 47.4% $424,400 16,362 16,260 0.6%
38 North Plainfield 57.6% $2,490 $5,316 46.8% $288,700 21,960 21,932 0.1%
39 Bridgeton 43.7% $1,426 $3,063 46.6% $121,300 25,252 25,042 0.8%
40 Roselle 56.6% $2,490 $4,333 57.5% $258,900 21,103 20,955 0.7%
41 Plainfield 52.0% $2,452 $4,535 54.1% $279,900 49,701 49,043 1.3%
42 Englewood 55.5% $2,950 $5,796 50.9% $410,100 27,205 26,828 1.4%
43 Hoboken 32.3% $3,290 $9,083 36.2% $563,100 49,898 47,384 5.3%
44 Summit 68.5% $4,000 $9,630 41.5% $785,900 21,468 21,217 1.2%
45 Kearny 47.7% $2,670 $5,220 51.2% $342,000 40,744 40,208 1.3%
46 Lindenwold 40.6% $1,667 $3,748 44.5% $151,900 17,663 17,601 0.4%
47 Dover 47.3% $2,284 $4,952 46.1% $290,900 18,208 18,222 (0.1%)
48 Trenton 40.5% $1,467 $3,061 47.9% $122,500 84,799 85,181 (0.4%)
49 Camden 39.9% $1,129 $2,225 50.7% $90,000 77,606 78,047 (0.6%)
50 Bayonne 40.7% $2,695 $4,729 57.0% $339,500 63,164 62,027 1.8%
51 Cliffside Park 48.2% $2,919 $5,135 56.8% $401,200 23,618 23,365 1.1%
52 Perth Amboy 35.6% $2,151 $3,681 58.4% $271,000 50,981 50,182 1.6%
53 Garfield 40.3% $2,284 $4,282 53.3% $350,800 30,517 30,190 1.1%
54 Hackensack 35.8% $2,426 $4,920 49.3% $316,300 43,126 42,713 1.0%
55 Lodi 43.2% $2,691 $4,536 59.3% $362,700 24,176 23,970 0.9%
56 Morristown 41.0% $2,616 $5,858 44.7% $378,200 18,461 18,457 0.0%
57 Jersey City 30.4% $2,678 $4,859 55.1% $340,400 248,435 243,257 2.1%
58 Lakewood 35.4% $2,228 $3,104 71.8% $382,500 51,143 49,805 2.7%
59 New Brunswick 23.6% $1,968 $3,357 58.6% $254,900 55,151 53,933 2.3%
60 Long Branch 39.6% $2,380 $4,246 56.0% $354,700 30,759 30,855 (0.3%)
61 Palisades Park 31.8% $3,073 $4,828 63.6% $533,900 19,561 19,065 2.6%
62 Elizabeth 28.0% $2,555 $3,633 70.3% $301,400 124,795 123,176 1.3%
63 West New York 20.9% $2,822 $3,862 73.1% $346,200 49,816 48,401 2.9%
64 Atlantic City 33.6% $1,857 $2,491 74.6% $220,400 39,680 40,081 (1.0%)
65 Newark 23.5% $2,277 $2,866 79.5% $264,400 276,478 274,674 0.7%
66 East Orange 25.6% $2,230 $3,243 68.8% $243,700 64,356 64,927 (0.9%)
67 Union City 19.5% $2,669 $3,368 79.2% $327,900 66,646 65,766 1.3%
68 Paterson 28.7% $2,604 $2,799 93.0% $302,400 145,655 145,836 (0.1%)
69 Passaic 25.4% $2,883 $2,606 110.7% $341,200 69,685 68,982 1.0%
70 Asbury Park 21.7% $2,283 $2,725 83.8% $325,700 16,081 16,275 (1.2%)

*Excluded from the top 20 ranking due to environmental contamination at Evor Phillips Leasing in Old Bridge, which is currently being remediated: http://www.epa.gov/region2/superfund/npl/evorphillips/

**Excluded from the top 20 ranking due to environmental concerns due to chemical dumping and cancer cluster and ongoing cleanup from Superstorm Sandy: http://www.state.nj.us/health/eohs/dovertwp.shtml; http://www.newyorker.com/online/blogs/elements/2013/05/a-town-plagued-by-water.html

***Excluded from the top 20 ranking due to higher than average crime: http://1.usa.gov/1q8MqZO

Methodology

The overall score for each city was derived from these measures:

1. Homeownership rate made up 33.3% of the total score. A higher rate earned a higher score. The rate comes from the U.S. Census American Community Survey 5-year Estimates for all places in the state, Table DP 04.

2. Selected monthly owner costs as a percentage of median household income made up 16.7% of the total score. A lower percentage earned a higher score. Monthly homeowner costs as a percentage of median household income made up one-half of the affordability score. Median household income comes from the U.S. Census American Community Survey 5-year Estimates for all places in the state, Table DP 03. The figure for monthly homeowner costs comes from the U.S. Census American Community Survey 5-year Estimates for all places in the state, Table DP 04.

3. Median home value made up 16.7% of the total score. A lower value earned a higher score. Median home value made up one-half of the affordability score. Median home value comes from the U.S. Census American Community Survey 5-year Estimates for all places in the state, Table DP 04.

4. Population change from 2010 to 2012 made up 33.3% of the total score. A higher percent change earned a higher score. The 2010 population comes from the 2010 American Community Survey 5-Year Estimates for all places in the state, Table DP 05. The 2012 population data comes from the 2012 American Community Survey 5-Year Estimates for all places in the state, Table DP 05. NerdWallet calculated the percent change.

Only places with 15,000 or more residents were included in the study. Places with higher-than-average crime and environmental hazards were excluded from the top 20 ranking. For the full ranking, click here.

Image: Ken Lund/Flickr: https://flic.kr/p/c2n37N

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  • hey gee

    they forgot the $8000 a year average property taxes!

    LOL

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