Looking to buy a home? This study by UnitedStatesZipCodes.org may come in handy if affordability is on the mind.
The zip code data website released a study on Tuesday on the Most Affordable Places to Live in New Jersey.
The study looked at the most recent Census Bureau data and compared local home prices with local incomes to determine housing affordability.
The rankings were determined by calculating the ‘Median Multiple’, which the site said answers the question, “How many years would it take for the median income to pay off the median home price?”
Lower values, it said, indicate better affordability, with anything under “3” is considered affordable.
New Jersey’s median multiple is 4.2 and has risen 3% since last year.
Here are the Top 5 most affordable places to live in the state:
- 07970 – Mount Freedom, 1.5;
- 08014 – Bridgeport, 1.6;
- 08327 – Leesburg, 1.8;
- 08629 – Trenton, 1.9;
- 08061 – Mount Royal, 1.9.
Here are the top 5 least affordable:
- 07620 – Alpine, 16.9;
- 08212 – Cape May Point, 15.1;
- 07723 – Deal, 13.4;
- 08738 – Mantoloking, 12.7;
- 08247 – Stone Harbor, 11.7.
To see the Top 50 rankings, click here.
