The median home price in New Jersey is $494,900, which has increased by 16.1% since the last year. The New Jersey housing market has witnessed a 0.6% year-over-year growth in the number of homes listed. With a 3-month supply left, you will get your choice of house with the seller being more willing to negotiate.
As per our research, home prices are relatively higher in coastal areas near Atlantic City, NJ. On the other hand, as you move towards the inland areas of the Garden State, like Newton, you can find cheaper housing options.
4 Reasons to live in New Jersey 🏡
- Cheaper Houses: The median home sale price in New Jersey is ~$494K. But you can get houses between $116K and $407K in cities like Camden, Absecon, and New Brunswick.
- Tax Benefits: Residents of New Jersey can claim an exemption ranging from $1,000 to $6,000 based on various criteria.
- Affordable Energy cost: Energy cost in cities that are listed below is up to 11% lower than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $300 per month in rent.
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Cheapest Places to Live in New Jersey in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Camden | $36,258 | $116,480 | 70,996 | 9.0% | 31.6% |
| Gloucester City | $71,756 | $206,840 | 11,464 | 8.0% | 11.6% |
| Vineland | $63,468 | $267,545 | 60,491 | 5.7% | 13.5% |
| Absecon | $73,141 | $300,812 | 9,155 | 11.6% | 9.2% |
| Trenton | $44,444 | $305,957 | 89,661 | 4.4% | 26.2% |
| New Brunswick | $57,138 | $374,074 | 55,998 | 4.2% | 31.9% |
| East Orange | $58,659 | $407,221 | 68,446 | 7.6% | 18.4% |
7 Cheapest Places to Live in NJ
The annual population growth of 5.3% since 2010 is reflective of people’s intention to move to New Jersey. If you’re considering shifting to the Garden State, here are some cities that offer affordable living options:
1. Camden
| 🟢 Cost of Living Compared to National Average | 5.8%⬇️ |
| 🏡 Median Home Price | $116,48 |
| 💲 Median Rent | $1,350 |
| 🌅 Known For | Camden Waterfront |
Camden is an affordable place to live in New Jersey. Its median house rent ranges from $900 – $2,350. It also offers affordable food, which costs 5.8% lower than the national average.
The city boasts historical landmarks, such as the Walt Whitman House and Camden County Historical Society. These landmarks add to its charm and character.
» Homes for Sale in Camden, NJ: Find your dream home in this city.
2. Gloucester City
| 🟢 Cost of Living Compared to National Average | 5.8%⬇️ |
| 🏡 Median Home Price | $206,840 |
| 💲 Median Rent | $1,500 |
| 🏞️ Known For | Freedom Pier |
Gloucester City is one of the most budget-friendly rental destinations in New Jersey with an average home rent ranging from $500 – $2,650. It also offers affordable healthcare which is 5.8% lower than the national average.
Gloucester City is a great place for people looking to buy a home. It is ideal for people who work in the city but prefer a calm countryside home after a busy day. The city a great place for those seeking a peaceful rural retreat near the big city.
» Homes for Sale in Gloucester City, NJ: Browse thousands of property listings in the Holy City.
3. Vineland
| 🟢 Cost of Living Compared to National Average | 14.4%⬇️ |
| 🏡 Median Home Price | $267,545 |
| 💲 Median Rent | $1,800 |
| 🏖️ Known For | Kacaba Vineyards Winery |
With rental costs below the national average, Vineland stands as one of the most affordable cities to live in New Jersey. The house rent price is between $1,195 – $3,015.
Vineland serves as a market center for agriculture, truck farming, and poultry raising. It also has a diverse manufacturing sector including glass and chemicals.
» Homes for Sale in Vineland, NJ: View all the properties for sale in this city.
4. Absecon
| 🟢 Cost of Living Compared to National Average | 6.1%⬇️ |
| 🏡 Median Home Price | $300,812 |
| 💲 Median Rent | $1,650 |
| 🏖️ Known For | Lighthouse and Community |
Absecon offers budget-friendly living with a median rent that is $350 lower than the national median. Moreover, the transportation costs are 6.5% below the national average in the city.
Absecon is close to Atlantic City, offering residents access to city entertainment while enjoying a quieter suburban lifestyle. Additionally, the city boasts a high quality of life with many owner-occupied homes.
» Homes for Sale in Absecon, NJ: Browse through thousands of affordable properties.
5. Trenton
| 🟢 Cost of Living Compared to National Average | 4.6%⬆️ |
| 🏡 Median Home Price | $305,957 |
| 💲 Median Rent | $1,775 |
| 🎨 Known For | Old Barracks Museum |
Also known as ‘The Capital City,’ Trenton’s cost of housing is 22.7% lower than the national average. The average health expenses are 2.6% lower than the national average.
Trenton’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US.
» Homes for Sale in Trenton, NJ: Browse through thousands of properties in this city.
6. New Brunswick
| 🟢 Cost of Living Compared to State Average | 4.1%⬇️ |
| 🏡 Median Home Price | $374,074 |
| 💲 Median Rent | $2,200 |
| 🏫 Known For | George Street Playhouse |
The house rent in New Brunswick is between $720 – $4,715. With an average household income of $57,138, you can comfortably live in this city.
Situated in the heart of the state, New Brunswick enjoys proximity to major cities like New York City and Philadelphia. It offers easy access to employment opportunities and cultural amenities.
» Homes for Sale in New Brunswick, NJ: Find a home in one of the cheapest places to live in New Jersey.
7. East Orange
| 🟢 Cost of Living Compared to State Average | 12.7%⬇️ |
| 🏡 Median Home Price | $407,221 |
| 💲 Median Rent | $1,875 |
| 🖼️ Known For | Bethlehem Judah Christian Church |
East Orange is one of the best places to live in New Jersey. The monthly expenditure on food for an individual amounts to $601, making it one of the most budget-friendly options across the state.
East Orange is famous for its spacious homes, Main Street, and Central Avenue, contributing to its unique and appealing character. This makes the city an attractive destination for families looking for a comfortable housing settlement.
» Homes for Sale in East Orange, NJ: Get yourself a home in this vibrant city.
- 🏡 Do You Need Professional Assistance While Buying a Home?
Look no further! You can access a network of top real estate professionals through Houzeo Pros. They will cater to all your needs and requirements.
The Bottom Line
The cost of living in New Jersey is 11% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to New Jersey, you can find affordable housing in cities like Camden, Gloucester City, and Vineland.
Cities like New Brunswick and East Orange have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in NJ Under Your Specific Budget
Find an Affordable House With Houzeo
With thousands of property listings, Houzeo.com is one of the biggest property listing sites in the US. Find condos, townhouses, co-ops, and other types of homes for sale in New Jersey on Houzeo.
Find Your Dream Home 🏡
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Find Your Dream Home 🏡
View 7,200 Homes For Sale in New Jersey
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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in New Jersey, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
What is the cheapest place to live in New Jersey?
The cheapest place to live in New Jersey is Camden.
» 7 Cheapest Places to Live in New Jersey: Find out the other cheapest places to live in New Jersey!
Where is the best place to live in New Jersey?
The best place to live in New Jersey is Gloucester City, followed by Newark, Jersey City, Toms River, Paterson, Elizabeth, and Princeton.
Is New Jersey the cheapest place to live in?
No, it is not. The median home value is $494,900. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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