In this article, we will look at the 20 best affordable places to live in New Jersey.
New Jersey: An Overview
New Jersey is the forty-sixth largest state by area in the United States. It has an area of 7,352.9 square miles and shares borders with Delaware, New York, and Pennsylvania. According to the data from the United States Census Bureau, in 2020, New Jersey had a population of almost 9.28 million and 3.76 million housing units. In 2022, there were 3.51 million total households in New Jersey and the median household income was calculated to be $96,346 per household. The community in New Jersey is diverse with 32.3% of households that speak languages other than English at home. In 2022, the median age of residents was calculated to be 40.4 years.
The majority of the people living in New Jersey are educated. In 2022, 43.5% of the population had a bachelor’s degree or higher and the employment rate was 62.7%. Furthermore, it has a 66.5% school enrollment rate. 14.5% of the workforce comprises local, state, and federal government workers. The remaining population of employees is spread across various industries. In 2022, educational services, health care, and social assistance were the most dominant industries employing almost 24.1% of the workers in New Jersey. The professional, scientific, management, administrative, and waste management service industry employed 14.7% and the finance and insurance, and real estate and rental and leasing consisted 8.6% of the workforce. In 2021, there were 233,950 employer establishments in New Jersey.
In 2022, the median gross rent in New Jersey was $1,555 which is relatively higher compared to the median gross rent in the United States, $1,300. The house ownership rate in the area is 64.6%. The numbers are constantly rising. 14.4% of the householders both owners and renters had moved 2021 or later into occupied housing units in New Jersey.
Healthcare: Industry Sector Highlight
Healthcare is one of the key sectors in New Jersey. According to the data from the official site of the state of New Jersey, in 2022, the healthcare industry had 483,200 jobs. The total amount of wages paid to the workers in the healthcare industry accounted for a staggering $34.9 billion. The wages paid in the healthcare industry made up 12.4% of the total wages paid in the private sector in New Jersey. The significance of the industry can also be gauged by the contribution to the overall Gross Domestic Product of the state. It contributed 7.6% to the overall GDP which corresponded to $49.4 billion. The share of healthcare jobs in New Jersey has been consistently surging. Based on historical data, the share of healthcare jobs surged from 7.5% in 1990 to 11.8% in 2022.
Quest Diagnostics Inc (NYSE:DGX) is one of the biggest New Jersey companies and a notable player in the healthcare industry. It offers diagnostic services by deriving insights from one of the largest databases of clinical lab results. The company aims to identify and treat diseases and improve healthcare management. The company serves one in three Americans every year and has a strong workforce of 50,000 employees.
The company is exploring avenues to incorporate the latest technologies including artificial intelligence in its services. On June 11, the company announced the completion of its acquisition of PathAI Diagnostics. The acquisition will allow the company to enhance AI applications and digital pathology in disease diagnosis. PathAI will remain independent, focusing on AI solutions for biopharma and pathology labs. The company has converted the PathAI Diagnostics lab in Memphis into a national R&D center for Quest’s specialty pathology services naming it AmeriPath. The company will license PathAI’s AISight system which is a digital pathology image management system. PathAI’s AISight will support the company’s pathology laboratories and customer sites in the United States. The company is also a preferred partner of lab services for PathAI’s biopharmaceutical clients. The companies will keep collaborating to develop AI algorithms for research and clinical applications.
Quest Diagnostics Inc (NYSE:DGX) is focused on operational improvements and is using artificial intelligence to improve the quality of services. Mergers and acquisitions are the key strategic tools being utilized in this regard. Here are some comments from Quest Diagnostics Inc.’s (NYSE:DGX) Q1 2024 earnings call:
“Our M&A pipeline continues to be robust, and we are making progress with several promising opportunities. In Hospital Lab Services, we grew base business revenues by mid-single digits. Hospital reference testing, in particular, continued to grow faster than pre-pandemic trends, maintaining the momentum from last year. Hospitals are sending us more reference testing, largely because of our innovation, our quality, and our value. They also face persistent challenges with staffing certain roles in specialized fields like histology, microbiology, and cytotechnology, which we can more easily fill with our talent and our technology. In general, as hospitals face both staffing and cost challenges, they continue to reevaluate their lab strategies. Additionally, as the cost of capital continues to rise, some are revisiting their investment priorities and are directing more capital into other clinical areas that generate better returns.”
The presence of promising companies, employment opportunities, quality healthcare, and education make New Jersey an attractive option for people willing to relocate. The cultural scene and scenic beauty make it an attractive option for visitors and tourists as well. We have made a list of the best affordable places to live in New Jersey. You can also read the 15 Best Places to Retire in New Jersey.
Pixabay/Public Domain
Our Methodology
To make our list of the 20 best affordable places to live in New Jersey, we initially compiled a list of the 40 best places to live in New Jersey by sifting through 5 online rankings. After making the list, we turned to Reddit to conduct a sentiment analysis and found 15 high-engagement threads that mentioned the best places to live in New Jersey. We have only used threads with at least 100 comments for our ranking. After reading all the comments, we aggregated and tabulated the number of upvotes for each place. We have only included places with at least 100 upvotes in our list.
After making the initial list, we then checked the average house value for each place on Zillow to gauge the affordability aspect of these places. The average house value is our primary metric and the number of upvotes is our secondary metric. The list has been arranged in the descending order of the primary metric.
Note: This list is not exhaustive and does not reflect our opinion. The ranking is solely based on the opinions of Reddit users. Also, note that we have included places located in the suburbs of New Jersey.
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20 Best Affordable Places to Live in New Jersey
20. Harvey Cedars
Average House Value: $1.9 Million
Upvotes: 104
Harvey Cedars is a coastal borough and is located on the New Jersey shore. It fronts both the Atlantic Ocean and Barnegat Bay. The beautiful location and access to the ocean have made it a popular place in New Jersey. A range of events including summer craft shows and festivals are among the key attractions at Harvey Cedars.
19. Franklin Lakes
Average House Value: $1.4 Million
Upvotes: 124
Franklin Lakes is one of the best places to live in New Jersey and offers a good quality of life. It has a proximity to New York City making it an ideal location for people wanting to live a quieter life while working in the city. The average house value in Franklin Lakes is $1.4 million in 2024. The value has increased 10.2% compared to last year.
18. Spring Lake
Average House Value: $1.19 Million
Upvotes: 104
Spring Lake is a coastal town that has beautiful beaches. During the late 19th and early 20th centuries, the coastal town attracted members of high society in large numbers. The rich history of the town lives even today in notable historic sites including the Martin Maloney Cottage and the Audenried Cottage. The average house values have experienced a surge of 11.1% over the past year.
17. Westfield
Average House Value: $1.14 Million
Upvotes: 156
Westfield is a town located in the Union County in New Jersey. The downtown area of Westfield has a mix of independent stores, boutiques, and national chains. One of the main attractions in the area is events and celebrations hosted in the area including the Spring Fling, FestiFall, and live Jazz performances. The average house value in Westfield is $1.14 million in 2024.
16. Ridgewood
Average House Value: $1.07 Million
Upvotes: 122
Ridgewood is located in Bergen County New Jersey. It is one of the best affordable places to live in New Jersey. Van Neste Square Memorial Park is one of the most popular locations in the area. It has numerous restaurants and shops that surround the park. Ridgewood has an excellent sense of community and quality schools. It also offers convenient commuting options to New York City.
15. Montclair
Average House Value: $1.06 Million
Upvotes: 310
Montclair is located in Essex County near First Watchung Mountain in New Jersey. It has a highly regarded public school system that offers a variety of options including sciences and technology. It also hosts a variety of community events including the Montclair Fourth of July Parade. In 2024, the average house value in Montclair is $1.06 million which has increased 11.7% over the past year.
14. Madison
Average House Value: $972,104
Upvotes: 110
Madison is one of the best affordable places to live in New Jersey. Dellwood and Knollwood are among the top neighborhoods in the area. It offers a wholesome community experience and has a diverse population. Quality schools and low crime rates attract people from around the country. The average house value in the area is $972,104 which went up 10% compared to last year.
13. Princeton
Average House Value: $918,982
Upvotes: 158
Princeton is a borough in Mercer County in Central New Jersey. Princeton University located in the area is one of the most prestigious research institutions in the world. Princeton also has a rich culture and rich dining experiences. The tree-lined neighborhoods make a great option for people looking to settle long-term. In 2024, the average house price in Princeton was $918,982, up 11.3% compared to last year.
12. Belmar
Average House Value: $907,676
Upvotes: 106
Belmar is a borough located on the Jersey Shore in Monmouth County. It is one of the best affordable places to live in New Jersey. The location is full of sandy beaches and a range of recreational activities. New Jersey Seafood Festival and St. Patrick’s Day Parade are among the most popular events in the area. The average house value increased by 10.3% compared to last year.
11. Shrewsbury
Average House Value: $865,229
Upvotes: 106
Shrewsbury is a borough in eastern Monmouth County located in New Jersey. Shrewsbury Historic District is one of the most favored locations and is full of captivating architecture. It has a low crime rate making it an attractive option for people willing to move. It is only 45 miles from New York City enabling travelling with ease. In 2024, the average house value is $865,229 in Shrewsbury.
10. Maplewood
Average House Value: $861,406
Upvotes: 103
Maplewood is located in Essex County in New Jersey. It is one of the best affordable places to live in New Jersey. The average house value in Maplewood is $861,406 which has increased 10.9% compared to last year. It has tree-lined neighborhoods paired with a high-quality education system. It also provides a convenient commuter experience with direct train service to New York City enabling access to urban amenities.
9. Hoboken
Average House Value: $822,875
Upvotes: 119
Hoboken is a city in Hudson County located in New Jersey. Some of the popular attractions in the area include Hoboken Waterfront Walkway and Pier A Park. The average house price in the area in 2024 is $822,875 which has increased 3.2% compared to last year. The public transit system in the area is commendable with hundreds of people benefiting every day. The Waterfront neighborhood in Hoboken offers stunning views of the Manhattan skyline.
8. Morristown
Average House Value: $816,121
Upvotes: 150
Morristown is located in the north-central part of New Jersey. It is one of the best affordable places to live in New Jersey. Morristown has several distinct residential neighborhoods including Downtown Morristown and West Morristown. The residential areas have easy access to shops and all necessary facilities. Major attractions in the area include the Morristown National Historical Park and the Speedwell Ironworks.
7. Fanwood
Average House Value: $710,851
Upvotes: 104
Fanwood is a borough in Union County located in New Jersey. Downtown Fanwood is a distinct residential neighborhood that has a large number of shops and restaurants. It is considered a commuter town for its easy access to New York City with a large number of people commuting using rail service. The average house price in Fanwood was $710,851 in 2024.
6. Cape May
Average House Value: $658,692
Upvotes: 236
Cape May is located in Cape May County in New Jersey. It is one of the best affordable places to live in New Jersey. It has a concentration of Victorian architecture and beautiful beaches which makes it a famous tourist attraction. House values vary based on location. Houses closer to downtown and waterfront areas are more expensive whereas West Cape May and North Cape May have more affordable options.
5. Red bank
Average House Value: $632,860
Upvotes: 108
Red Bank is a borough in Monmouth County. Downtown Red Bank is one of the most popular locations with beautiful architecture. The presence of Downtown Red Bank as a commercial district attracts hundreds of people to this location. The properties closer to Downtown are the most expensive. The average house value in the area in 2024 is $632,860.
