Higher Affordability

It’s not just that housing prices in New Jersey are generally lower, but the affordability index in the Garden State has increased too.

The NATIONAL ASSOCIATION OF REALTORS® affordability index formula accounts for many variables that contribute to how affordable home buying is in New Jersey: home price, mortgage rates, payment as a percentage of income, median family income, qualifying income, and monthly Principal and Interest (P&I) payments.

The calculations clearly show some good news for those thinking of buying in New Jersey: this is a great time to invest in a property with mortgage rates being low and housing affordability so high.

 

For more about New Jersey’s affordability and for all of the data from the New Jersey Home Sales Report for the third quarter of 2011, click here.

View the chart below of median home price in New Jersey's metropolitan statistical areas, as compared to the national and regional figures.  Note: The chart reflects the data for the third quarter of 2011. The far right column reflects the percent change compared to the same quarter one year ago.