New Jersey
Ranked #43 of 51 for housing affordability
Median Home Price
🏠$461K
4.62x income
Median Rent
🔑$1,667
36.0% rent-burdened
Median Income
💰$100K
Population: 9,288,994
Homeownership
🏡64.0%
8,752 experiencing homelessness
Housing Shortage
📉150,000
units needed
Building Permits (2024)
🔨34,932
Price-to-Income
📊4.62x
Severe Rent Burden
⚠️18.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
House Price Index (2000–2025)
FHFA All-Transactions HPI · Base = 100 (1980s)
HUD Fair Market Rents (FY2026)
Maximum rent HUD considers fair for Section 8 voucher holders
FMR ($2229) is above the state median rent ($1667) — vouchers cover typical rents.
Metros in New Jersey
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Newark | 28 | $510K | $1,750 | $82K | 37.0% |
| Atlantic City-Hammonton | 76 | $350K | $1,321 | $80K | 26.8% |
| Trenton-Princeton | 79 | $391K | $1,466 | $96K | 25.5% |
| Vineland | 86 | $221K | $1,196 | $65K | 23.0% |
Market Trends
Homeownership Rate
64.0%
Rent-to-Income Ratio
20.0%
of gross income spent on rent
Total Households
3,538,457
Owner-Occupied
2,255,452
Renter-Occupied
1,283,005
Homelessness
Latest Count (2024)
12,762
1-Year Change
+24.3%
10-Year Trend (2015–2024)
+26.4%
10,098 → 12,762
Housing Policies
Construction Activity
Total Permits (2024)
34,932
2.5% of national total
Single-Family
14,807
42% of state permits
Multi-Family
20,125
58% of state permits
Mortgage Access
National HMDA data — mortgage denial rates by race/ethnicity
Denial Rates by Race
Top Denial Reasons
Housing Shortage
State Shortage
150,000
units needed
National Shortage
7,300,000
2.1% of national total
Affordable Units per 100 ELI Renters
35
nationally (NLIHC)
National Shortage by Unit Type
45%
Single-Family
18%
Small Multi (2-4)
22%
Medium Multi (5-49)
15%
Large Multi (50+)
Rent Burden Detail
New Jersey burden rates with national demographic breakdown
Cost-Burdened Renters
36.0%
paying >30% of income
Severely Burdened
18.5%
paying >50% of income
Households >30% Burden
324,741
Households >35% Burden
65,194