The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The median cost of a home has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs—while good for sellers—are pricing many buyers out of the market entirely.
But all things are not equal when it comes to real estate in the United States.
Credible used 2021 data calculated by the National Association of REALTORS to compile a list of counties with the lowest median home values and monthly mortgage payments in New Jersey. Counties were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.
The National Association of REALTORS calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency's House Price Index growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all counties where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.
Keep reading to discover which county in New Jersey has the lowest home prices.
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1 / 21#21. Morris County
- Monthly mortgage payment in 2020: $1,839 (10.0% less than 2019)
- Monthly mortgage payment in 2019: $2,043
- Median home value in 2020: $496,700
- Ranked #3,061 out of 3,120 counties nationwide
#20. Bergen County
- Monthly mortgage payment in 2020: $1,833 (11.4% less than 2019)
- Monthly mortgage payment in 2019: $2,070
- Median home value in 2020: $495,000
- Ranked #3,060 out of 3,120 counties nationwide
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3 / 21#19. Monmouth County
- Monthly mortgage payment in 2020: $1,702 (10.2% less than 2019)
- Monthly mortgage payment in 2019: $1,896
- Median home value in 2020: $459,500
- Ranked #3,047 out of 3,120 counties nationwide
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4 / 21#18. Somerset County
- Monthly mortgage payment in 2020: $1,686 (11.2% less than 2019)
- Monthly mortgage payment in 2019: $1,898
- Median home value in 2020: $455,200
- Ranked #3,046 out of 3,120 counties nationwide
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5 / 21#17. Hunterdon County
- Monthly mortgage payment in 2020: $1,620 (11.9% less than 2019)
- Monthly mortgage payment in 2019: $1,839
- Median home value in 2020: $437,400
- Ranked #3,038 out of 3,120 counties nationwide
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6 / 21#16. Hudson County
- Monthly mortgage payment in 2020: $1,612 (8.5% less than 2019)
- Monthly mortgage payment in 2019: $1,762
- Median home value in 2020: $435,400
- Ranked #3,036 out of 3,120 counties nationwide
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7 / 21#15. Essex County
- Monthly mortgage payment in 2020: $1,531 (10.4% less than 2019)
- Monthly mortgage payment in 2019: $1,709
- Median home value in 2020: $413,500
- Ranked #3,026 out of 3,120 counties nationwide
#14. Union County
- Monthly mortgage payment in 2020: $1,453 (11.0% less than 2019)
- Monthly mortgage payment in 2019: $1,632
- Median home value in 2020: $392,500
- Ranked #3,008 out of 3,120 counties nationwide
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9 / 21#13. Passaic County
- Monthly mortgage payment in 2020: $1,377 (9.9% less than 2019)
- Monthly mortgage payment in 2019: $1,528
- Median home value in 2020: $371,900
- Ranked #2,982 out of 3,120 counties nationwide
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10 / 21#12. Middlesex County
- Monthly mortgage payment in 2020: $1,373 (10.4% less than 2019)
- Monthly mortgage payment in 2019: $1,532
- Median home value in 2020: $370,700
- Ranked #2,979 out of 3,120 counties nationwide
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11 / 21#11. Cape May County
- Monthly mortgage payment in 2020: $1,274 (7.3% less than 2019)
- Monthly mortgage payment in 2019: $1,375
- Median home value in 2020: $344,100
- Ranked #2,945 out of 3,120 counties nationwide
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12 / 21#10. Mercer County
- Monthly mortgage payment in 2020: $1,129 (11.7% less than 2019)
- Monthly mortgage payment in 2019: $1,278
- Median home value in 2020: $304,900
- Ranked #2,863 out of 3,120 counties nationwide
#9. Ocean County
- Monthly mortgage payment in 2020: $1,117 (9.9% less than 2019)
- Monthly mortgage payment in 2019: $1,240
- Median home value in 2020: $301,600
- Ranked #2,856 out of 3,120 counties nationwide
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14 / 21#8. Sussex County
- Monthly mortgage payment in 2020: $1,069 (8.7% less than 2019)
- Monthly mortgage payment in 2019: $1,171
- Median home value in 2020: $288,700
- Ranked #2,822 out of 3,120 counties nationwide
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15 / 21#7. Warren County
- Monthly mortgage payment in 2020: $1,039 (11.6% less than 2019)
- Monthly mortgage payment in 2019: $1,176
- Median home value in 2020: $280,600
- Ranked #2,801 out of 3,120 counties nationwide
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16 / 21#6. Burlington County
- Monthly mortgage payment in 2020: $1,024 (8.1% less than 2019)
- Monthly mortgage payment in 2019: $1,114
- Median home value in 2020: $276,600
- Ranked #2,785 out of 3,120 counties nationwide
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17 / 21#5. Gloucester County
- Monthly mortgage payment in 2020: $869 (11.5% less than 2019)
- Monthly mortgage payment in 2019: $982
- Median home value in 2020: $234,800
- Ranked #2,609 out of 3,120 counties nationwide
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18 / 21#4. Atlantic County
- Monthly mortgage payment in 2020: $852 (13.9% less than 2019)
- Monthly mortgage payment in 2019: $989
- Median home value in 2020: $230,200
- Ranked #2,582 out of 3,120 counties nationwide
#3. Camden County
- Monthly mortgage payment in 2020: $806 (8.4% less than 2019)
- Monthly mortgage payment in 2019: $880
- Median home value in 2020: $217,600
- Ranked #2,516 out of 3,120 counties nationwide
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20 / 21#2. Salem County
- Monthly mortgage payment in 2020: $717 (9.2% less than 2019)
- Monthly mortgage payment in 2019: $790
- Median home value in 2020: $193,700
- Ranked #2,341 out of 3,120 counties nationwide
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21 / 21#1. Cumberland County
- Monthly mortgage payment in 2020: $664 (8.7% less than 2019)
- Monthly mortgage payment in 2019: $727
- Median home value in 2020: $179,400
- Ranked #2,201 out of 3,120 counties nationwide
