Living in New Jersey and “affordable” don’t usually collide in the same sentence.
But, the folks at SmartAsset, a financial technology company, found some places in the Garden State that are more affordable than many.
They compiled a list of 10 census-designated places in their 7th annual study on the most affordable places to live in New Jersey. They analyzed towns with a population of 5,000 or more, considered closing costs, real estate taxes, homeowner’s insurance and mortgage payments to get the 5-year cost of owning a home in that place. The 5-year cost was then measured as a proportion of the median household income in each place to determine affordability.
The most affordable places had total housing costs that were the smallest compared to the median income.
Almost half of the most affordable places were in Camden County, a total of four. Two were in Mercer County. And Ocean, Burlington, Atlantic and Monmouth counties each had one.
Most of the Camden County places that made the list are just outside larger towns that have a lot of amenities, said Henry Amendolia, of Century 21 Reilly Realtors in Berlin.
“They’re near the amenities but more affordable,” he said.
One notable thing about the 10 most affordable places to live in New Jersey -- their annual property taxes were well below the current state average of $9,284. The highest property tax bill for a place on this list was $7,733.
Here’s how New Jersey compared to the national averages:
N.J. Averages/U.S. Averages
Closing Costs: $3,460/ $3,288
Annual Property Tax: $7,783/ $3,030
Annual Homeowners’ Insurance: $1,205/ $1,320
Average Annual Mortgage Payment: $13,225/ $10,377
Median Income: $82,545/ $62,843
And here are the 10 most affordable places to live in New Jersey, according to SmartAsset:
10. Berlin Borough, Camden County
Average closing costs: $3,047
Annual property tax: $7,189
Annual homeowner’s insurance: $859
Average annual mortgage payment: $12,225
Median income: $93,261
Affordability index: 33.81
9. Ramtown (Howell Township), Monmouth County
Average closing costs: $3,597
Annual property tax: $7,737
Annual homeowner’s insurance: $1,298
Average annual mortgage payment: $14,247
Median income: $124,426
Affordability index: 34.17
8. Stratford, Camden County
Average closing costs: $2,716
Annual property tax: $6,991
Annual homeowner’s insurance: $682
Average annual mortgage payment: $7,483
Median income: $79,677
Affordability index: 34.74
7. Twin Rivers (East Windsor Township), Mercer County
Average closing costs: $2,921
Annual property tax: $6,310
Annual homeowner’s insurance: $820
Average annual mortgage payment: $8,999
Median income: $89,746
Affordability index: 35.13
6. Gloucester City, Camden County
Average closing costs: $2,437
Annual property tax: $4,738
Annual homeowner’s insurance: $479
Average annual mortgage payment: $5,256
Median income: $59,394
Affordability index: 36.53
5. Pomona (Galloway Township), Atlantic County
Average closing costs: $2,776
Annual property tax: $5,757
Annual homeowner’s insurance: $770
Average annual mortgage payment: $8,456
Median income: $82,191
Affordability index: 36.85
4. Brown Mills (Pemberton Township), Burlington County
Average closing costs: $2,600
Annual property tax: $3,734
Annual homeowner’s insurance: $600
Average annual mortgage payment: $6,584
Median income: $63,833
Affordability index: 36.86
3. Yardville (Hamilton Township), Mercer County
Average closing costs: $3,120
Annual property tax: $6,938
Annual homeowner’s insurance: $957
Average annual mortgage payment: $10,508
Median income: $107,229
Affordability index: 36.91
2. Crestwood Village (Manchester Township), Ocean County
Average closing costs: $2,277
Annual property tax: $1,403
Annual homeowner’s insurance: $279
Average annual mortgage payment: $3,062
Median income: $29,671
Affordability index: 37.04
1. Ashland (Cherry Hill), Camden County
Average closing costs: $3,005
Annual property tax: $7,936
Annual homeowner’s insurance: $887
Average annual mortgage payment: $9,735
Median income: $104,223
Affordability index: 37.54
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Allison Pries may be reached at apries@njadvancemedia.com.
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