The housing market in New Jersey poses significant challenges for first-time homebuyers due to rapidly rising prices coupled with high mortgage rates. With a median starter home price of $423,540, buyers need an annual income of $101,442 to qualify comfortably. This income requirement is notably higher than the national average. Comparatively, regions like Pennsylvania offer more affordable options, highlighting the stark differences within the Northeast. Some cities, like Camden, still present affordable starter homes, but overall, affordability remains a major issue in New Jersey's housing landscape.
In New Jersey, the median price for a starter home in 2024 was $423,540, significantly raising the income threshold for potential first-time buyers.
New Jersey's housing market trails behind states like Pennsylvania, with starter homes costing about $186,050, reflecting poor affordability scores nationwide.
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