Every Jerseyan wants to be No. 1 in pizza and bagels, or even the school system. And we’re ready to argue about it.
Here’s a ranking that anyone with a mortgage will take issue with: New Jersey is the eighth-most-expensive state to buy a home.
How can that be?
The research, conducted by real estate experts Agent Advice (whoever that may be), analyzed the typical price of homes throughout the country from March 2021 to March 2023 and found seven states with higher prices than New Jersey.
It gets better. Utah — and Oregon — are ahead of us.
Really?
The data, which looked at the average cost of a home but also considered price and percentage increases to supply a comprehensive account of real estate in the country, said the average home cost in New Jersey was $451,559.
People are paying more to live in Oregon? They must not have been there during the rainy season (which is virtually year-round).
Oh, well. With that, the Top 10:
- Hawaii: $834,583
- California: $728,134
- Washington: $562,936
- Massachusetts: $558,313
- Colorado: $539,640
- Utah: $506,072
- Oregon: $485,475
- New Jersey: $451,559
- Idaho: $435,374
- New Hampshire: $429,421
Chris Heller, co-founder of Agent Advice, said the U.S. housing market is estimated to be worth $43.4 trillion in 2023.
“Overall, there has been an increase in cost in the last three years throughout the nation,” he said. “However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing.”
