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The Garden State.

Home Mortgage Rates in New Jersey

Newark Skyline.

For folks considering a move to the Garden State, here is an overview of what to expect when you shop for Real Estate and a Mortgage.

General Real Estate Prices in New Jersey Compared to the National Average

The national median home price for 2009 was $177,900. Nationally 32% of homeowners have no mortgage, 52% have a prime mortgage, 7% financed using a subprime mortgage, and 9% have either FHA or VA mortgage. For 2009, compared with 2008, the overall number of loans serviced declined 2%, the number of prime loans serviced decreased by 3%, the number of subprime mortgages serviced contracted by 11%, FHA loans serviced increased by 30%, and VA loans serviced gained 4%.

  • Median home prices in Trenton/Ewing dropped 15% in 2009, median price 3rd quarter average for the area was $291,200.
  • Northern NJ median home prices dropped 14.1% in 2009, median price 3rd quarter average for the area was $389,100.
  • The Edison area saw an 8.9% drop in median home prices, median price 3rd quarter average for the area was $343,800.
  • The greater Atlantic City area median home prices dropped 10.4%, median price 3rd quarter average was $223,000.
  • South Jersey Philly suburbs saw a 5.6% drop in median home prices, median price 3rd quarter average was $227,500.
  • The urban area of Newark/Union NJ saw a 14.8% drop in median home prices, median price 3rd quarter average was $385,400.

In New Jersey 28% of homeowners have no mortgage, 58% have a prime mortgage, 7% financed using a subprime mortgage, 7% have either FHA or VA. Foreclosure rate is 5% overall. Number of loans serviced declined 2% for prime, decreased 11% for subprime, rose 41% for FHA, and remained unchanged for VA. Overall number of mortgages in foreclosure increased 85% in 2009. Greatest percentage increase in the number of foreclosures was in prime loans.

The areas still struggling and that have higher rates of foreclosure are the urban areas. Middlesex County, which has more urban areas, had approximately as many foreclosures as the adjacent suburban/rural mix counties of Hunterdon and Somerset combined. If you look at the above percentage drops in median home prices the areas which had the highest percentage drops have a higher percentage of urban population.

There are signs of life in the NJ market. 3rd and 4th quarter 2009 saw increased homebuying activity, stock is currently depleted in suburban and rural areas, and many of the current listings in the remaining housing stock have been on the market for an extended period. If spring brings its usual crop of new listings on the market then market activity should be somewhat encouraging, if the latter part of 2009 is any indication. It would seem that the bottom has been reached and that activity will now trend up. Though the outlook for 2010 is better than for 2009 it will not yet be a seller's market.

One possible sour note in the favorable 2010 prediction is that NJ jumbo mortgage delinquencies rose from 7.1% to 7.4% from December to January. Many of these homes are "under water". This may impact future listing prices and property values in 2010, especially as more adjustable rate jumbo mortgages reset.

Another possible sour note is that the State of NJ and the various county and local municipalities are all strapped for cash and some variety of tax increase, possibly more than one, seems inevitable. New Jersey already has some of the highest property taxes in the country, with the average household property tax collection for residential property in the range of $4,000.01 to $6,582.00. It's estimated that for every $1,000 increase in property taxes, a home's value drops approximately $12,000 to $15,000. Property tax increases at this point would scuttle any gains being made in property sales or real property value with an increased sales market.

A study conducted by the Center on Wealth and Philanthropy at Boston College found that between the years of 2004 and 2008 wealthy households in New Jersey were leaving for other states, mainly Florida, Pennsylvania and New York. There weren't a corresponding number of wealthy households moving into New Jersey. The main reason cited for the loss of wealth was New Jersey's Tax Policies.

Statistical data cited above was sourced from the National Association of Realtors.

The Best Places to Shop for Real Estate in New Jersey

The New Jersey Shore Communities are affordable and attractive at the moment. There is turnover in properties, however most are not distressed but are instead the result of downsizing by second home owners from the northern suburban and urban areas. Values have been somewhat more stable than in other parts of New Jersey. Quality of life along the Jersey Shore is high. Amenities are abundant, there is much to occupy leisure time, and there is still great natural beauty along much of the coast.

Atlantic City.

South Jersey in general saw less job loss, less housing havoc, and more stability in property values over the last couple of years. Though there were losses the dip wasn't nearly as deep, probably because the peak was never as steep. The Philadelphia suburbs are particularly attractive, with good employment levels, good housing stock, good amenities, a fairly easy commute into Philadelphia, and an easy weekend drive to seashore attractions. Philadelphia amd New York City are an easy drive or train/bus trip away for arts, museums and theater. There's a good mix of contemporary housing stock and charming older South Jersey historic village housing stock.

One of the biggest employers in South Jersey is the Federal Government. There are also many Federal jobs in the City of Philadelphia. New Jersey was also a recipient of a fairly big chunk of Federal stimulus money.

New Jersey Census

According to the United States census an estimated 8,944,469 people live in the state of New Jersey. Here is a list of cities, towns, townships, villages & borough with more than 10,000 residents, with their estimated population as of July 1, 2016.

Rank City County 2016 Pop 2010 Pop Change % △ Area mi² Density mi² Founded
1 Newark Essex 281,764 277,140 4,624 1.67% 24.187 11,649.40 1693
2 Jersey City Hudson 264,152 247,597 16,555 6.69% 14.794 17,855.35 1838
3 Paterson Passaic 147,000 146,199 801 0.55% 8.428 17,441.86 1831
4 Elizabeth Union 128,640 124,969 3,671 2.94% 12.319 10,442.41 1855
5 Edison Middlesex 101,996 99,967 2,029 2.03% 29.94 3,406.68 1870
6 Woodbridge Middlesex 101,389 99,585 1,804 1.81% 23.213 4,367.77 1798
7 Lakewood Ocean 100,758 92,843 7,915 8.53% 24.577 4,099.69 1892
8 Toms River Ocean 91,837 91,239 598 0.66% 40.488 2,268.25 1798
9 Hamilton Township Mercer 88,400 88,464 -64 -0.07% 40.387 2,188.82 1842
10 Clifton Passaic 85,845 84,136 1,709 2.03% 11.26 7,623.89 1917
11 Trenton Mercer 84,056 84,913 -857 -1.01% 7.648 10,990.59 1792
12 Brick Ocean 75,061 75,072 -11 -0.01% 25.715 2,918.96 1850
13 Camden Camden 74,420 77,344 -2,924 -3.78% 8.921 8,342.11 1828
14 Cherry Hill Camden 71,352 71,045 307 0.43% 24.097 2,961.03 1844
15 Passaic Passaic 70,635 69,781 854 1.22% 3.146 22,452.32 1873
16 Union City Hudson 69,296 66,455 2,841 4.28% 1.283 54,010.91 1925
17 Old Bridge Middlesex 66,673 65,375 1,298 1.99% 38.06 1,751.79 1869
18 Franklin Township Somerset 66,311 62,300 4,011 6.44% 46.147 1,436.95 1798
19 Bayonne Hudson 66,238 63,024 3,214 5.10% 8.37 7,913.74 1861
20 Middletown Monmouth 65,482 66,522 -1,040 -1.56% 40.989 1,597.55 1798
21 East Orange Essex 64,789 64,270 519 0.81% 3.924 16,510.96 1863
22 Gloucester Township Camden 63,941 64,634 -693 -1.07% 22.983 2,782.10 1798
23 North Bergen Hudson 62,886 60,773 2,113 3.48% 5.134 12,248.93 1843
24 Vineland Cumberland 60,525 60,724 -199 -0.33% 68.424 884.56 1952
25 Union Township Union 58,512 56,642 1,870 3.30% 9.071 6,450.45 1808
26 Piscataway Middlesex 57,602 56,044 1,558 2.78% 18.835 3,058.24 1798
27 New Brunswick Middlesex 56,910 55,181 1,729 3.13% 5.227 10,887.70 1784
28 Jackson Ocean 56,733 54,856 1,877 3.42% 99.244 571.65 1844
29 Wayne Passaic 54,690 54,717 -27 -0.05% 23.728 2,304.87 1847
30 Irvington Essex 54,425 53,926 499 0.93% 2.928 18,587.77 1874
31 Hoboken Hudson 54,379 50,005 4,374 8.75% 1.275 42,650.20 1849
32 West New York Hudson 53,343 49,708 3,635 7.31% 1.007 52,972.19 1898
33 Parsippany-Troy Hills Morris 53,258 53,238 20 0.04% 23.563 2,260.24 1928
34 Perth Amboy Middlesex 52,499 50,814 1,685 3.32% 4.702 11,165.25 1718
35 Howell Monmouth 52,245 51,075 1,170 2.29% 60.558 862.73 1801
36 Plainfield Union 50,636 49,808 828 1.66% 6.023 8,407.11 1869
37 East Brunswick Middlesex 48,630 47,512 1,118 2.35% 21.699 2,241.12 1860
38 Bloomfield Essex 48,539 47,315 1,224 2.59% 5.304 9,151.40 1812
39 Washington Township Gloucester 48,035 48,559 -524 -1.08% 21.382 2,246.52 1836
40 West Orange Essex 47,249 46,207 1,042 2.26% 12.046 3,922.38 1863
41 South Brunswick Middlesex 45,725 43,417 2,308 5.32% 40.648 1,124.90 1798
42 Evesham Burlington 45,351 45,538 -187 -0.41% 29.284 1,548.66 1798
43 Bridgewater Somerset 44,999 44,464 535 1.20% 32.037 1,404.59 1798
44 Sayreville Middlesex 44,905 42,704 2,201 5.15% 15.842 2,834.55 1876
45 Hackensack Bergen 44,756 43,010 1,746 4.06% 4.18 10,707.18 1693
46 Monroe Township Middlesex 44,604 39,132 5,472 13.98% 41.974 1,062.66 1838
47 Manchester Ocean 43,546 43,070 476 1.11% 81.62 533.52 1865
48 Egg Harbor Atlantic 43,504 43,323 181 0.42% 66.598 653.23 1798
49 Linden Union 42,457 40,499 1,958 4.83% 10.675 3,977.24 1925
50 North Brunswick Middlesex 42,444 40,742 1,702 4.18% 11.997 3,537.88 1798
51 Kearny Hudson 42,126 40,684 1,442 3.54% 8.775 4,800.68 1867
52 Mount Laurel Burlington 41,738 41,864 -126 -0.30% 21.692 1,924.12 1872
53 Berkeley Ocean 41,689 41,255 434 1.05% 42.864 972.59 1875
54 Teaneck Bergen 41,010 39,776 1,234 3.10% 15.557 2,636.11 1895
55 Marlboro Monmouth 40,330 40,191 139 0.35% 30.361 1,328.35 1848
56 Manalapan Monmouth 40,018 38,872 1,146 2.95% 30.607 1,307.48 1848
57 Hillsborough Somerset 39,832 38,303 1,529 3.99% 54.536 730.38 1771
58 Winslow Camden 39,328 39,499 -171 -0.43% 57.342 685.85 1867
59 Atlantic City Atlantic 38,735 39,558 -823 -2.08% 10.747 3,604.26 1854
60 Montclair Essex 38,700 37,669 1,031 2.74% 6.308 6,135.07 1868
61 Fort Lee Bergen 37,577 35,345 2,232 6.31% 2.541 14,788.27 1904
62 Monroe Township Gloucester 36,908 36,129 779 2.16% 46.393 795.55 1859
63 Galloway Atlantic 36,753 37,349 -596 -1.60% 89.074 412.61 1798
64 Belleville Essex 36,203 35,926 277 0.77% 3.34 10,839.22 1839
65 Ewing Mercer 35,982 35,790 192 0.54% 15.25 2,359.48 1834
66 Pennsauken Camden 35,908 35,885 23 0.06% 10.435 3,441.11 1892
67 Freehold Township Monmouth 35,623 36,184 -561 -1.55% 38.503 925.20 1798
68 Fair Lawn Bergen 33,453 32,457 996 3.07% 5.139 6,509.63 1924
69 Lawrence Mercer 32,897 33,472 -575 -1.72% 21.808 1,508.48 1798
70 Garfield Bergen 31,876 30,487 1,389 4.56% 2.099 15,186.28 1898
71 Willingboro Burlington 31,713 31,629 84 0.27% 7.738 4,098.35 1798
72 Princeton Mercer 31,249 28,572 2,677 9.37% 17.933 1,742.54 1813
73 Long Branch Monmouth 30,763 30,719 44 0.14% 5.274 5,832.95 1867
74 Deptford Gloucester 30,613 30,561 52 0.17% 17.362 1,763.22 1798
75 City of Orange Essex 30,583 30,134 449 1.49% 2.199 13,907.69 1806
76 Westfield Union 30,206 30,316 -110 -0.36% 6.719 4,495.61 1798
77 Livingston Essex 29,801 29,366 435 1.48% 13.768 2,164.51 1813
78 Rahway Union 29,451 27,346 2,105 7.70% 3.897 7,557.35 1858
79 Voorhees Camden 29,396 29,131 265 0.91% 11.492 2,557.95 1899
80 Mount Olive Morris 29,130 28,117 1,013 3.60% 29.407 990.58 1871
81 Nutley Essex 28,670 28,370 300 1.06% 3.384 8,472.22 1874
82 Lacey Ocean 28,569 27,644 925 3.35% 83.256 343.15 1871
83 Englewood Bergen 28,455 27,147 1,308 4.82% 4.914 5,790.60 1899
84 West Windsor Mercer 28,207 27,165 1,042 3.84% 25.564 1,103.39 1798
85 Millville Cumberland 28,059 28,400 -341 -1.20%
42.001
668.06 1801
86 Neptune Township Monmouth 27,789 27,935 -146 -0.52% 8.182 3,396.36 1879
87 Bergenfield Bergen 27,647 26,764 883 3.30% 2.876 9,613.00 1894
88 Pemberton Township Burlington 27,567 27,912 -345 -1.24% 61.284 449.82 1846
89 East Windsor Mercer 27,430 27,190 240 0.88% 15.648 1,752.94 1798
90 Stafford Ocean 27,153 26,535 618 2.33% 45.849 592.23 1798
91 Bernards Somerset 26,978 26,652 326 1.22% 23.934 1,127.18 1798
92 Paramus Bergen 26,880 26,342 538 2.04% 10.47 2,567.34 1922
93 Ocean Township Monmouth 26,729 27,291 -562 -2.06% 10.877 2,457.39 1849
94 West Milford Passaic 26,605 25,850 755 2.92% 75.09 354.31 1834
95 Mahwah Bergen 26,541 25,890 651 2.51% 25.693 1,033.01 1849
96 Hamilton Township Atlantic 26,499 26,503 -4 -0.02% 113.066 234.37 1813
97 Wall Monmouth 25,987 26,164 -177 -0.68% 30.673 847.23 1851
98 Randolph Morris 25,827 25,734 93 0.36% 20.822 1,240.37 1806
99 Ridgewood Bergen 25,533 24,958 575 2.30% 5.752 4,438.98 1894
100 Bridgeton Cumberland 24,997 25,349 -352 -1.39% 6.179 4,045.48 1865
101 Cliffside Park Bergen 24,856 23,594 1,262 5.35% 0.963 25,811.01 1895
102 Lodi Bergen 24,778 24,136 642 2.66% 2.265 10,939.51 1894
103 Maplewood Essex 24,634 23,867 767 3.21% 3.877 6,353.88 1861
104 Rockaway Township Morris 24,554 24,156 398 1.65% 41.403 593.05 1844
105 South Plainfield Middlesex 24,221 23,385 836 3.57% 8.327 2,908.73 1926
106 Scotch Plains Union 24,186 23,510 676 2.88% 9.018 2,681.97 1878
107 Cranford Union 24,097 22,625 1,472 6.51% 4.83 4,989.03 1871
108 Carteret Middlesex 23,992 22,844 1,148 5.03% 4.418 5,430.51 1906
109 Medford Burlington 23,440 23,033 407 1.77% 38.921 602.25 1847
110 Plainsboro Middlesex 23,407 22,999 408 1.77% 11.785 1,986.17 1919
111 Roxbury Morris 23,374 23,324 50 0.21% 20.827 1,122.29 1798
112 Montgomery Somerset 23,352 22,254 1,098 4.93% 32.307 722.82 1798
113 Burlington Township Burlington 22,747 22,594 153 0.68% 13.415 1,695.64 1798
114 Morris Morris 22,580 22,306 274 1.23% 15.618 1,445.77 1798
115 Vernon Sussex 22,383 23,943 -1,560 -6.52% 68.234 328.03 1798
116 Barnegat Ocean 22,288 20,936 1,352 6.46% 40.783 546.50 1846
117 Lyndhurst Bergen 22,239 20,554 1,685 8.20% 4.558 4,879.11 1852
118 North Plainfield Somerset 22,073 21,936 137 0.62% 2.794 7,900.14 1885
119 Summit Union 22,019 21,457 562 2.62% 5.995 3,672.89 1899
120 Lower Cape May 22,007 22,866 -859 -3.76% 27.74 793.33 1798
121 Raritan Township Hunterdon 21,959 22,185 -226 -1.02% 37.527 585.15 1838
122 Hillside Union 21,951 21,404 547 2.56% 2.75 7,982.18 1913
123 Montville Morris 21,700 21,528 172 0.80% 18.48 1,174.24 1867
124 Roselle Union 21,625 21,085 540 2.56% 2.651 8,157.30 1894
125 Jefferson Morris 21,406 21,314 92 0.43% 39.132 547.02 1804
126 West Deptford Gloucester 21,352 21,677 -325 -1.50% 15.411 1,385.50 1871
127 Little Egg Harbor Ocean 20,818 20,065 753 3.75% 47.368 439.50 1798
128 Palisades Park Bergen 20,753 19,622 1,131 5.76% 1.251 16,589.13 1899
129 Moorestown Burlington 20,565 20,726 -161 -0.78% 14.693 1,399.65 1922
130 Pleasantville Atlantic 20,492 20,249 243 1.20% 5.694 3,598.88 1889
131 Millburn Essex 20,308 20,149 159 0.79% 9.322 2,178.50 1857
132 Elmwood Park Bergen 20,295 19,403 892 4.60% 2.648 7,664.27 1916
133 Hazlet Monmouth 19,994 20,334 -340 -1.67% 5.557 3,597.98 1848
134 Glassboro Gloucester 19,835 18,579 1,256 6.76% 9.184 2,159.73 1878
135 Secaucus Hudson 19,822 16,264 3,558 21.88% 5.822 3,404.67 1900
136 Morristown Morris 19,016 18,411 605 3.29% 2.929 6,492.32 1865
137 Hawthorne Passaic 18,941 18,791 150 0.80% 3.334 5,681.16 1898
138 Sparta Sussex 18,920 19,722 -802 -4.07% 36.942 512.15 1845
139 Maple Shade Burlington 18,849 19,131 -282 -1.47% 3.822 4,931.71 1798
140 Washington Township Morris 18,695 18,533 162 0.87% 44.387 421.18 1798
141 Rutherford Bergen 18,635 18,061 574 3.18% 2.806 6,641.13 1881
142 Middle Cape May 18,597 18,911 -314 -1.66% 70.333 264.41 1798
143 Point Pleasant Ocean 18,545 18,392 153 0.83% 3.489 5,315.28 1920
144 Hopewell Township Mercer 18,523 17,304 1,219 7.04% 58.031 319.19 1798
145 Aberdeen Monmouth 18,374 18,210 164 0.90% 5.447 3,373.23 1857
146 Dover Morris 18,252 18,157 95 0.52% 2.684 6,800.30 1896
147 Dumont Bergen 17,871 17,479 392 2.24% 1.983 9,012.10 1894
148 Tinton Falls Monmouth 17,800 17,892 -92 -0.51% 15.487 1,149.35 1950
149 Lindenwold Camden 17,470 17,613 -143 -0.81% 3.892 4,488.69 1929
150 Springfield Township Union 17,447 15,817 1,630 10.31% 5.174 3,372.05 1798
151 Wyckoff Bergen 17,221 16,696 525 3.14% 6.547 2,630.37 1926
152 New Milford Bergen 16,759 16,341 418 2.56% 2.274 7,369.83 1922
153 Denville Morris 16,735 16,635 100 0.60% 11.867 1,410.21 1913
154 Delran Burlington 16,656 16,896 -240 -1.42% 6.591 2,527.08 1880
155 Holmdel Monmouth 16,604 16,773 -169 -1.01% 17.896 927.81 1857
156 Franklin Township Gloucester 16,568 16,820 -252 -1.50% 55.907 296.35 1820
157 Cinnaminson Burlington 16,532 15,569 963 6.19% 7.505 2,202.80 1860
158 South Orange Essex 16,319 16,198 121 0.75% 2.855 5,715.94 1869
159 South River Middlesex 16,295 16,008 287 1.79% 2.769 5,884.80 1898
160 Harrison Gloucester 16,231 13,620 2,611 19.17% 1.203 13,492.10 1840
161 Madison Morris 16,072 15,845 227 1.43% 4.205 3,822.12 1889
162 Warren Somerset 16,032 15,311 721 4.71% 19.567 819.34 1806
163 Readington Hunterdon 15,875 16,126 -251 -1.56% 47.736 332.56 1798
164 North Arlington Bergen 15,868 15,392 476 3.09% 2.561 6,196.02 1896
165 Clark Union 15,835 14,756 1,079 7.31% 4.301 3,681.70 1864
166 Asbury Park Monmouth 15,722 16,116 -394 -2.44% 1.424 11,040.73 1874
167 Pequannock Morris 15,425 15,540 -115 -0.74% 6.748 2,285.86 1798
168 Weehawken Hudson 15,138 12,554 2,584 20.58% 0.796 19,017.59 1859
169 Ramsey Bergen 15,116 14,473 643 4.44% 5.52 2,738.41 1908
170 Mantua Gloucester 15,099 15,217 -118 -0.78% 15.849 952.68 1853
171 Tenafly Bergen 14,846 14,488 358 2.47% 4.601 3,226.69 1894
172 Branchburg Somerset 14,688 14,459 229 1.58% 20.044 732.79 1845
173 Hanover Morris 14,686 13,712 974 7.10% 10.727 1,369.07 1740
174 Haddon Camden 14,676 14,707 -31 -0.21% 2.687 5,461.85 1865
175 Phillipsburg Warren 14,455 14,950 -495 -3.31% 3.193 4,527.09 1861
176 Hammonton Atlantic 14,428 14,791 -363 -2.45% 40.887 352.87 1866
177 Little Falls Passaic 14,423 14,432 -9 -0.06% 2.735 5,273.49 1868
178 Fairview Bergen 14,421 13,835 586 4.24% 0.842 17,127.08 1894
179 Hopatcong Sussex 14,384 15,147 -763 -5.04% 10.854 1,325.23 1898
180 Robbinsville Mercer 14,282 13,642 640 4.69% 20.316 702.99 1859
181 Highland Park Middlesex 14,195 13,982 213 1.52% 1.809 7,846.88 1905
182 Saddle Brook Bergen 14,069 13,659 410 3.00% 2.689 5,232.06 1716
183 Collingswood Camden 14,010 13,926 84 0.60% 1.823 7,685.13 1888
184 Metuchen Middlesex 13,871 13,574 297 2.19% 2.764 5,018.45 1900
185 Middlesex Middlesex 13,812 13,635 177 1.30% 3.518 3,926.09 1913
186 Roselle Park Union 13,638 13,297 341 2.56% 1.232 11,069.81 1901
187 Berkeley Heights Union 13,541 13,183 358 2.72% 6.211 2,180.16 1809
188 Verona Essex 13,519 13,332 187 1.40% 2.755 4,907.08 1907
189 Oakland Bergen 13,130 12,754 376 2.95% 8.454 1,553.11 1902
190 Ridgefield Park Bergen 13,059 12,729 330 2.59% 1.723 7,579.22 1892
191 Harrison Township Hudson 12,982 12,417 565 4.55% 19.141 678.23 1844
192 Clinton Township Hunterdon 12,854 13,478 -624 -4.63% 29.876 430.25 1841
193 New Providence Union 12,758 12,171 587 4.82% 3.64 3,504.95 1899
194 Pennsville Salem 12,677 13,409 -732 -5.46% 21.277 595.81 1798
195 Florence Burlington 12,664 12,109 555 4.58% 9.78 1,294.89 1872
196 Woodland Park Passaic 12,645 11,819 826 6.99% 2.964 4,266.19 1914
197 Cedar Grove Essex 12,592 12,411 181 1.46% 4.252 2,961.43 1892
198 Ringwood Passaic 12,399 12,228 171 1.40% 25.211 491.81 1918
199 Woolwich Gloucester 12,365 10,200 2,165 21.23% 20.909 591.37 1798
200 Lumberton Burlington 12,325 12,559 -234 -1.86% 12.924 953.65 1860
201 Eatontown Monmouth 12,287 12,709 -422 -3.32% 5.826 2,108.99 1873
202 Hasbrouck Heights Bergen 12,182 11,842 340 2.87% 1.506 8,088.98 1894
203 Somerville Somerset 12,165 12,098 67 0.55% 2.331 5,218.79 1863
204 Red Bank Monmouth 12,160 12,206 -46 -0.38% 1.739 6,992.52 1870
205 Bordentown Burlington 12,095 11,367 728 6.40% 8.515 1,420.43 1852
206 Edgewater Bergen 12,044 11,513 531 4.61% 0.935 12,881.28 1894
207 Upper Cape May 11,976 12,373 -397 -3.21% 62.149 192.70 1798
208 Glen Rock Bergen 11,946 11,601 345 2.97% 2.714 4,401.62 1894
209 Freehold Borough Monmouth 11,891 12,052 -161 -1.34% 1.95 6,097.95 1869
210 Florham Park Morris 11,766 11,696 70 0.60% 7.288 1,614.43 1899
211 Wanaque Passaic 11,759 11,116 643 5.78% 7.99 1,471.71 1918
212 Wallington Bergen 11,689 11,335 354 3.12% 0.983 11,891.15 1894
213 River Edge Bergen 11,647 11,340 307 2.71% 1.854 6,282.09 1894
214 Guttenberg Hudson 11,618 11,176 442 3.95% 0.196 59,275.51 1859
215 Bellmawr Camden 11,478 11,583 -105 -0.91% 2.979 3,852.97 1926
216 Haddonfield Camden 11,424 11,593 -169 -1.46% 2.824 4,045.33 1875
217 Ridgefield Bergen 11,357 11,032 325 2.95% 2.551 4,451.98 1892
218 Ocean City Cape May 11,340 11,701 -361 -3.09% 6.333 1,790.62 1884
219 Gloucester City Camden 11,339 11,456 -117 -1.02% 2.32 4,887.50 1868
220 Westwood Bergen 11,235 10,908 327 3.00% 2.266 4,958.08 1894
221 East Hanover Morris 11,228 11,157 71 0.64% 7.892 1,422.71 1928
222 Beachwood Ocean 11,196 11,045 151 1.37% 2.848 3,931.18 1917
223 Pompton Lakes Passaic 11,127 11,097 30 0.27% 2.913 3,819.77 1895
224 Wantage Sussex 10,998 11,358 -360 -3.17% 66.753 164.76 1798
225 West Caldwell Essex 10,928 10,759 169 1.57% 5.055 2,161.82 1904
226 Little Ferry Bergen 10,925 10,626 299 2.81% 1.476 7,401.76 1894
227 Totowa Passaic 10,904 10,804 100 0.93% 3.994 2,730.10 1898
228 Franklin Lakes Bergen 10,852 10,590 262 2.47% 9.379 1,157.05 1922
229 Waterford Camden 10,754 10,649 105 0.99% 36.041 298.38 1798
230 Somers Point Atlantic 10,545 10,795 -250 -2.32% 4.03 2,616.63 1886
231 Pine Hill Camden 10,524 10,233 291 2.84% 3.871 2,718.68 1929
232 Hillsdale Bergen 10,510 10,219 291 2.85% 2.949 3,563.92 1898
233 Chatham Morris 10,466 10,452 14 0.13% 8.978 1,165.74 1806
234 Bound Brook Somerset 10,455 10,402 53 0.51% 1.659 6,301.99 1891
235 Millstone Monmouth 10,450 10,566 -116 -1.10% 36.59 285.60 1844
236 Lincoln Park Morris 10,442 10,521 -79 -0.75% 6.38 1,636.68 1922
237 Manville Somerset 10,430 10,344 86 0.83% 2.361 4,417.62 1929
238 Ventnor City Atlantic 10,317 10,650 -333 -3.13% 1.951 5,288.06 1903
239 Southampton Burlington 10,235 10,464 -229 -2.19% 43.668 234.38 1845
240 Kinnelon Morris 10,219 10,248 -29 -0.28% 17.987 568.13 1922
241 Waldwick Bergen 10,026 9,625 401 4.17% 2.067 4,850.51 1919
242 Colts Neck Monmouth 9,965 10,142 -177 -1.75% 30.731 324.27 1847
243 Woodbury Gloucester 9,962 10,174 -212 -2.08% 2.009 4,958.69 1854
244 Keansburg Monmouth 9,826 10,105 -279 -2.76% 1.069 9,191.77 1917

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Atlantic City Boardwalk.

Types of mortgages offered in New Jersey

Fannie Mae Conventional Mortgages are available. Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey have their loan limits set based on high-cost area provisons of HERA. The lending limit for a conventional mortgage for a one family dwelling in those counties is $625,500.

FHA and VA loans are also available. FHA Forward loan limits vary by area, and range from $402,500 on up to $729,750 for a single family home. VA loans are capped at $417,000 for all counties except those noted above for Fannie Mae high cost area provisions of HERA, which caps VA loans for those counties at $681,250.

There are still a very few well established community banks in New Jersey that continue to offer mortgage loans and to keep a high percentage of those loans in portfolio. This has the benefit of keeping the money working in the community. Local Realtors will know which banks offer these types of loans.

Much of New Jersey is in the jumbo loan market. Jumbo loans are available, and attractive as of this writing, though interest rates are higher than conventional loans. However, the Fed has been subsidizing the Jumbo market, and that program is due to expire on March 31st, 2010. If the program isn't renewed, then we may see jumbo loans with a 150+ basis point spread once again, a repeat of the jumbo rates we saw here in the Garden State at the end of 2008.

Mortgage rates for conventional and FHA/VA loans are comparable to other parts of the country. Jumbo rates are slightly higher than many areas, but comparable to other large urban areas.

Deed and mortgage legal issues in New Jersey

New Jersey mortgages are recourse loans. A contested foreclosure action can take well over a year to wend its way through the court system, allowing the property owner time to cure that default.

In New Jersey lenders foreclose using Judicial Foreclosure, allowing the property owner the right to reinstate the loan by paying back payments and interest until such time as a court judgment is rendered that forces sale of the property. If a foreclosure occurs there is a redemption period of ten days. The redemption period allows the foreclosed homeowner to buy back the home from the person who bought it at foreclosure. The redemption price is the price paid by the purchaser at auction plus any taxes or assessments that are due, along with costs and interest.

Deficiency judgments are allowed in New Jersey.