This is the cheapest city to buy a home in NJ right now
We’ve never seen a shift in the real estate market such as the one that occurred as a result of the COVID-19 pandemic.
Not just in New Jersey but all over the country the real estate market became so unpredictable and topsy-turvy that even experts could not keep track of nor predict what would happen.
And what we mostly saw was people from the cities moving into the suburbs for space, safety, and savings.
Why housing costs are getting so high
The mix of historically low mortgage rates and soaring demand for homes in various markets created a frenzy, often resulting in fierce bidding wars among prospective buyers.
But disruptions in the workforce and supply chains due to the pandemic, led to a slowdown in new home construction, which made inventory low too, exacerbating the problem.
Although we’ve seen things settle down in many markets, because of inflation and higher interest rates, housing costs remain high, making it difficult for the average household to find houses they can afford.
The most affordable cities for housing
On the other hand, there are cities that remain a bargain and have housing options that are relatively more affordable compared to the rest of the areas they’re in.
According to a study by 247wallst.com, which used data from realtor.com, the most affordable city for real estate in New Jersey is the Vineland-Bridgeton area. The median list price for a home there is $269,900, as compared to the statewide median list price of $518,000.
This is a great illustration of the affordability gap that exists here in the Garden State.
Here are the stats, according to the study.
🏠 Median list price, $269,900 (versus New Jersey's $518,000)
🏠 Year-over-year change in median list price: +35.0% (compared to New Jersey's +12.9%)
🏠 Median size of homes on the market: 1,497 sq. ft. (as opposed to New Jersey's 1,724 sq. ft.)
🏠 Number of homes available for purchase in the city: 180
The cheapest city to buy a home in New Jersey
In a real estate environment where affordability is becoming the number one concern, the Bridgeton area is something to consider.
I know, it’s kind of a hardscrabble town. And some may never have considered living there prior to this. But if more people decide to buy there, Bridgeton may in fact become more desirable. Never say never.
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Gallery Credit: Dennis Malloy
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Gallery Credit: Brendan McLaughlin
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.
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