Are you a first-time home buyer in the Garden State right now?

New Jersey is a great place to work and live, it has a lot to offer from parks to beaches to tons of small communities and an amazing culture.

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You've been searching high and low for the perfect house to finally call your own, plant some roots, and start your life.

If you're in that boat, join the club.

My wife and I have been looking to buy a house after renting in Jersey for a few years and perhaps you're like us where it seems like everywhere you look you find the perfect home until you see the price tag.

Photo by Kostiantyn Li on Unsplash
Photo by Kostiantyn Li on Unsplash
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Home Prices In New Jersey Are Some Of The Most Expensive In The Country

Seriously, even if you have a decent amount for a down payment you're monthly payment is still astronomical because of the property taxes.

The average cost of a home in America right now is just shy of $350,000, however in the Garden State the average cost of a home clocks in somewhere in the area of $492,000, according to APP.

Apparently, our close distance to both New York and Philadelphia combined with our high population density is the main drive behind Jersey houses being so expensive.

APP reports though that the housing market has started to slow, but that's mainly because of inflation and the cost of living.

So a new home is still going to cost you a lot.

Photo by Maurice Williams on Unsplash
Photo by Maurice Williams on Unsplash
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Is There Any Relief In Sight For Home Buyers In New Jersey?

It's a definite maybe.

APP reports that interest rates are going to have to come down before homes start to get even slightly more affordable.

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However once prices come down and more people enter the market, that will again drive the prices up.

I know my wife and I feel stuck between a rock and a hard place as do a lot of potential home buyers in Jersey.

I've found the easiest way to cope with all of this is to head to the boardwalk, grab a cold beer, and look at the ocean.

Photo by frank mckenna on Unsplash
Photo by frank mckenna on Unsplash
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However, there are still some afforable places to live right here n Ocean and Monmouth County, for now.

The 10 Most Affordable Places To Buy A Home In Ocean And Monmouth County

According to APP, these ten towns are the most affordable to buy a home in right now.

Gallery Credit: Buehler

30 neighborhoods in NJ where richest families live

These ZIP codes in New Jersey have the highest percentage of households earning more than $200,000 in annual income, meaning these are the neighborhoods were the wealthiest families are most likely to live. The figures are based on 5-year data by the U.S. Census American Community Survey as of 2021.

Gallery Credit: New Jersey 101.5

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