
It’s becoming more and more expensive to buy a home in New Jersey (no surprise there) and 32 towns in the Garden State are on the list of hottest real estate towns in the country.
Bankrate, a consumer financial services company, recently researched housing affordability in the U.S. A combination of high mortgage rates, rising home prices and low housing inventory over the last two years is making it difficult to move, especially for first-time buyers.
In the U.S., a median-priced home costs $402,343, which means Americans need an annual income of $110,871 to buy their house which is about a 50 percent increase in the last four years. According to the analysis, people looking to buy a house in New Jersey need an annual income of $152,186 to afford a median-priced home as of January 2024; in January 2020, that number was $104,986, accounting for a 45 percent increase. The monthly mortgage payment in New Jersey as of January 2024 is $3,551, and the median home sale price as of January is $495,600.
If you’re looking for a new home, realtor.com recently released the hottest and most competitive areas in NJ to live. Based on the number of page views on the site and the number of days a property has been actively listed on Realtor.com, Montclair is the hottest real estate market in NJ, coming in fourth in the country. There are other towns on the Top 10 list, including Basking Ridge at No. 5, Mount Laurel at No. 8 and Ramsey at No. 10.
Overall, 32 of our home state towns made the list of 150 from across the U.S.:
4. Montclair
5. Basking Ridge
8. Mount Laurel
10. Ramsey
12. Bridgewater
16. Marlton
18. Hillsborough
30. Ridgewood
34. Nutley
35. Matawan
37. Chatham
40. Cherry Hill
42. Medford
47. Pompton Lakes
48. Morristown
53. Somerset
59. Summit
60. Pennsauken
63. Denville
68. Metuchen
70. Parsippany
82. Clifton
83. Trenton
90. Rutherford
93. Trenton
110. Hopatcong
111. Cherry Hill
112. Fair Lawn
113. Hackettstown
130. Manville
131. Woodbridge
136. Mahwah
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