Essex County, New Jersey Housing Market
In Essex County, New Jersey, the median home value is $524,100, with a median monthly rent of $1,531. This places Essex County at #122 nationally out of 3134 counties by median home value, and #7 within New Jersey.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,728
- Establishments: 23,318
- BLS QCEW, 2025
Housing Supply
- Single-family: 317
- Multi-family: 3,340
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 319,562 (avg $124,181)
- Outflow: 318,903 (avg $124,146)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 10 active ZIP codes in Essex County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 07104 | 320.4 | -14.58% | 2025 |
| 2 | 07050 | 406.0 | +11.72% | 2025 |
| 3 | 07106 | 401.0 | -4.03% | 2025 |
| 4 | 07041 | 343.5 | +10.58% | 2025 |
| 5 | 07039 | 322.4 | +5.26% | 2025 |
| 6 | 07109 | 359.3 | +9.12% | 2025 |
| 7 | 07043 | 321.7 | +2.08% | 2025 |
| 8 | 07044 | 297.5 | +9.84% | 2025 |
| 9 | 07017 | 404.2 | +3.33% | 2025 |
| 10 | 07079 | 372.5 | +9.65% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Essex County Compares
| Metric | Essex County | New Jersey Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $524,100 | $430,014 | $227,706 |
| Median Gross Rent | $1,531 | $1,634 | $968 |
| Owner Occupancy Rate | 44.9% | 68.3% | 73.3% |
| Price/Rent Ratio | 28.5 | 21.6 | 18.7 |
Market Analysis
The median home value in Essex County is 21.9% above the New Jersey state average and 130.2% above the U.S. national average. The median rent of $1,531/month is 6.3% below the state average.
With a price-to-rent ratio of 28.5, Essex County is a strongly rent-favored market. Home prices are high relative to rents, meaning renting is typically far cheaper than owning in the near term.
Essex County has an owner-occupancy rate of 44.9%, compared to 68.3% in New Jersey and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Travis County | Texas | $523,000 | $1,744 |
| Clark County | Washington | $522,900 | $1,748 |
| Salt Lake County | Utah | $525,700 | $1,592 |
| Pierce County | Washington | $526,600 | $1,806 |
| Garfield County | Colorado | $527,800 | $1,637 |
Other Counties in New Jersey
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Union County | $529,200 | $1,730 | 57.4% |
| Hunterdon County | $517,200 | $1,687 | 85.1% |
| Hudson County | $539,700 | $1,894 | 30.7% |
| Somerset County | $552,100 | $2,033 | 74.3% |
| Morris County | $582,500 | $1,904 | 74.3% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).