5 affordable places to live in New Jersey
Generally speaking, New Jersey is a pretty expensive place to live -- it has the highest property taxes in the nation. But here are a few cities and towns you may find more affordable.
1. Newark
Newark may be known for the nearby international airport, but the city itself is a public transportation hub. One highlight: It offers express rail service in and out of New York City. Newark also has a thriving downtown and restaurant scene. Additionally, its Prudential Center is home to concerts and entertainment galore. The median home value in Newark is $231,500, according to Niche. The average annual property tax bill is $6,481 as of 2018, according to Patch. That's well below the average property tax bill of $8,767 statewide.
2. Jersey City
Known for its spectacular waterfront, bustling restaurant scene, and quick access to New York City, Jersey City has become one of New Jersey's most desirable cities to live in. And with a median home value of $362,100, it's comparatively affordable. Meanwhile, property taxes aren't so bad compared with the rest of the state, with an average annual bill of $6,445 as of 2018.
3. Camden
Camden is an unquestionably affordable New Jersey city to buy property in. The community boasts a median home value of $82,700 and a shockingly low average annual property tax bill of $1,710 as of 2018. Despite not having the best reputation and a relatively high crime rate, Camden is slowly but surely reviving itself. These days, it's home to numerous concerts and events. Its waterfront features a massive aquarium that's great for children and adults alike. Plus, you can be in Philadelphia in less than 15 minutes, which is great for job prospects.
4. Phillipsburg
Tucked away in the far western corner of New Jersey, Phillipsburg is a suburban haven. It’s minutes away from Easton, Penn. -- and close to well-known cities like Bethlehem and Allentown. With a median home value of $135,300, it's an affordable place to buy property that you can spread out in. And with an average annual property tax bill of just $4,387 as of 2018, you'll be paying about half what the typical New Jersey homeowner forks over each year.
5. Browns Mills
With a median home value of $157,800, Browns Mills is another New Jersey town worth exploring if you're looking to keep your housing costs low. And with Philadelphia less than an hour away, you have plenty of job opportunities if you're willing to make the commute. Otherwise, Browns Mills is your typical suburb. With a median property tax bill of $3,591 as of 2017, according to City-Data.com, it's among the most affordable suburbs in the state.
New Jersey is hardly a cheap place to live, but it's possible to buy a home there without busting your budget. You can also keep your housing costs down by shopping around for the best mortgage rates in the state and by working to improve your credit before applying so you can snag the most attractive offers available. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
