Newark, NJ
Essex County · Pop. 305,218
Ranked #191 of 243 cities
28Crisis
Median Home Price
🏠$350K
3.5% YoY
Median Rent
🔑$1,500
3.0% YoY
Median Income
💰$38K
Rent Burden
📊42.0%
% of income to rent
Income to Buy
🏦$101K
annual income needed
Income to Rent
📝$60K
annual income needed
Price-to-Income
⚖️9.2x
Homeownership
🏡22.0%
Rent vs. Buy
Buy
$1,863/mo
Est. mortgage (7%, 20% down)
Need $101K/yr income
Rent
$1,500/mo
Median rent
Need $60K/yr income
How Newark Compares
| Metric | Newark | New Jersey | National |
|---|---|---|---|
| Home Price | $350K | $461K | $410K |
| Rent | $1,500 | $1,667 | $1,500 |
| Income | $38K | $100K | $75K |
| Rent Burden | 42.0% | 36.0% | 30.0% |
Key Takeaways
- • Home prices in Newark are 15% lower than the national average.
- • Rent is about average than the national average.
- • You need an income of $101K to comfortably buy a home here.
- • The homeownership rate is 22.0%, compared to 65.0% nationally.