Best Places for Homeownership in New Jersey- Full Ranking

June 5, 2014 Home Search, Mortgages
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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.

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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.

*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

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>

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

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