Historical data
Pick an indicator to see its long-run evolution.
Median home value
1950–2023Census / Zillow ZHVI, nominal dollars.
Home Prices
Sale prices and trends.
FHFA House Price Index
1975–2025FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (NJSTHPI).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Median sale price (USD) | 520000 | 412000 |
- •Northern New Jersey is one of the most competitive housing markets in the U.S.
Median Home Value
Typical value of owner-occupied homes.
Median value of owner-occupied homes
2008–2024Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Median home value (USD) | 492000 | 359000 |
- •Home values in New Jersey have risen sharply since 2020 as buyers left New York City.
Rent Prices
Cost of renting.
Rent of primary residence index (New York–Newark–Jersey City)
2006–2025BLS CPI-U, New York–Newark–Jersey City, annual average (CUURS12ASEHA).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Median gross rent (USD/mo) | 1690 | 1406 |
- •Nearly half of New Jersey renters spend more than 30% of income on housing.
Housing Inventory
Total housing stock.
Total housing units
2008–2024Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–2024Census American Community Survey 1-year estimates, B25002 (2020 not released).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Total housing units (M) | 3.8 | 145.3 |
- •About half of New Jersey's housing stock was built before 1970.
Building Permits
New residential construction.
New private housing units authorized
1988–2025Census Building Permits Survey, sum of 12 months (FRED NJBPPRIV).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Permits per 1,000 residents | 3.6 | 4.4 |
- •Most new New Jersey housing is multifamily, concentrated in Hudson County.
Homeownership Rate
Share of owner-occupied homes.
Homeownership rate (CPS/HVS)
1984–2025Census Housing Vacancy Survey, annual (FRED NJHOWN).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Homeownership rate (%) | 64.3 | 65.7 |
- •Homeownership in New Jersey sits just below the national average.
Housing Affordability
Home cost relative to income.
Housing price level vs U.S. (RPP rents)
2008–2024BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 134.3 | 100 |
| Home value-to-income ratio | 4.9 | 4.7 |
- •High incomes only partly offset New Jersey's steep home prices.
Vacancy Rate
Share of unoccupied units.
Rental vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED NJRVAC).
Homeowner vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED NJHVAC).
| Indicator | New Jersey | U.S. |
|---|---|---|
| Overall vacancy rate (%) | 9.4 | 10.6 |
- •Shore rentals inflate New Jersey's seasonal vacancy figures.