Published Feb. 23, 2024
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Nathan Alderman
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There are plenty of wonderful reasons to move to the Garden State. If you're looking to buy a home there, it's important to shop around and find the mortgage lender that makes you the most competitive offer. Check out our list of the best mortgage rates to get started.
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 $245,200, according to Niche. The average annual property tax bill is 2.05% of a home's assessed value, according to Tax-rates.org. That's just a bit more than the statewide average of 1.89%.
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 $373,700, it's comparatively affordable. What's more, property taxes aren't so bad compared with the rest of the state -- Hudson County (where Jersey City is) has an average tax rate of 1.67% of a home's assessed value.
3. Camden
For many, Camden is an affordable New Jersey city to buy property in. The community boasts a median home value of just $84,000, although the tax rate for Camden County is 2.5%. 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 comes in at No. 15 on Niche's list for the New Jersey suburbs with the lowest cost of living. With a median home value of $136,800, it's an affordable place to buy property that you can spread out in. And Warren County has an average annual property tax of 1.92% of a home's assessed value, which is just a touch more than the state's overall average.
5. Browns Mills
With a median home value of $157,600, 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. The town is in Burlington County, which collects 2.06% of a home's assessed value in property taxes. But Browns Mills takes the No. 36 spot on Niche's list for the most affordable places to live in New Jersey.
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.
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Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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