Morris County, New Jersey Housing Market
In Morris County, New Jersey, the median home value is $582,500, with a median monthly rent of $1,904. This places Morris County at #91 nationally out of 3134 counties by median home value, and #3 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: $2,038
- Establishments: 17,719
- BLS QCEW, 2025
Housing Supply
- Single-family: 810
- Multi-family: 514
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 218,982 (avg $180,795)
- Outflow: 215,291 (avg $182,592)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 10 active ZIP codes in Morris County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 07856 | 269.0 | +13.03% | 2025 |
| 2 | 07847 | 282.2 | +9.30% | 2025 |
| 3 | 07946 | 249.7 | +10.02% | 2025 |
| 4 | 07934 | 243.3 | +27.45% | 2025 |
| 5 | 07460 | 276.9 | +9.33% | 2025 |
| 6 | 07857 | 281.2 | +12.23% | 2025 |
| 7 | 07878 | 287.3 | +12.03% | 2025 |
| 8 | 07046 | 218.0 | +5.92% | 2025 |
| 9 | 07034 | 291.8 | +10.83% | 2025 |
| 10 | 07457 | 265.1 | +15.07% | 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 Morris County Compares
| Metric | Morris County | New Jersey Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $582,500 | $430,014 | $227,706 |
| Median Gross Rent | $1,904 | $1,634 | $968 |
| Owner Occupancy Rate | 74.3% | 68.3% | 73.3% |
| Price/Rent Ratio | 25.5 | 21.6 | 18.7 |
Market Analysis
The median home value in Morris County is 35.5% above the New Jersey state average and 155.8% above the U.S. national average. The median rent of $1,904/month is 16.5% above the state average.
With a price-to-rent ratio of 25.5, Morris 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.
Morris County has an owner-occupancy rate of 74.3%, compared to 68.3% in New Jersey and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Whatcom County | Washington | $585,800 | $1,555 |
| Suffolk County | New York | $578,400 | $2,255 |
| Washington County | Oregon | $588,000 | $1,849 |
| Gilpin County | Colorado | $573,900 | $1,658 |
| Fauquier County | Virginia | $573,700 | $1,613 |
Other Counties in New Jersey
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Monmouth County | $606,100 | $1,827 | 75.6% |
| Somerset County | $552,100 | $2,033 | 74.3% |
| Bergen County | $623,000 | $1,914 | 65.3% |
| Hudson County | $539,700 | $1,894 | 30.7% |
| Union County | $529,200 | $1,730 | 57.4% |
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).