52% of New Jersey renters already spend 30 percent or more of income on rent, against a median household income of $103,556, so size any loan payment carefully. Compare written offers on total cost, confirm the lender's license and refuse any fee demanded before funding.
On this page
- New Jersey by the numbers
- What the numbers mean for New Jersey borrowers
- Largest places in New Jersey
- More New Jersey cities and towns
- Counties with the most residents
- How New Jersey earns a living
- More context for New Jersey budgets
- Checking a lender in New Jersey
- Can New Jersey residents use the questionnaire?
- Local guides in New Jersey
- Frequently asked questions
New Jersey by the numbers
Before any advice, the data: New Jersey against the country on income, housing costs, work and commuting.
| What we measured | New Jersey | U.S. | Rank (1 = highest) |
|---|---|---|---|
| Median household income | $103,556 | $80,734 | 4th |
| Commutes of 45 minutes or longer | 23% | 17% | 3rd |
| Working from home | 17% | 15% | 14th |
| Adults 25+ with a bachelor's degree | 44% | 36% | 5th |
| Median age | 40.1 | 38.9 | 16th |
| Gini index (inequality) | 0.478 | 0.483 | 12th |
| Households earning under $35,000 | 17% | 21% | 44th |
| Households earning $100,000 or more | 52% | 41% | 4th |
| Poverty rate | 9.7% | 12.5% | 46th |
| Jobless rate, 5-year ACS | 6.3% | 5.2% | 5th |
| Rent, median gross (monthly) | $1,720 | $1,413 | 7th |
| Rent-burdened renters (30%+) | 52% | 51% | 14th |
| Median home value | $454,400 | $332,700 | 9th |
| Homes owner-occupied | 64% | 65% | 40th |
| Cost-burdened owners with a mortgage | 32% | 28% | 5th |
| Years of median income to buy the median home | 4.4x | 4.1x | 16th |
What the numbers mean for New Jersey borrowers
On commuting, New Jersey ranks 3rd: 23% of workers need 45 minutes or more to get to work (U.S. 17%). Fuel, tires and insurance belong in the budget before you size any loan payment.
Ranked by median household income, New Jersey comes in 4th with $103,556, 28% above the country's $80,734. Half of households earn more than this and half earn less, and a lender will look only at where you sit.
The bottom and top of the New Jersey income ladder: 17% of households under $35,000, 52% at $100,000 or more. U.S. comparison: 21% and 41%. Our partners generally look for at least $30,000 in yearly income from any regular source, so households near the bottom of that range may be better served by free options first.
New Jersey posts an ACS unemployment rate of 6.3% and a poverty rate of 9.7%, compared with 5.2% and 12.5% for the country. These are averages over five years, not this month's job market; a lender cares about your own work history.
Largest places in New Jersey
Population, income and housing costs for the 12 largest places in New Jersey (ACS 2020 to 2024); linked names open a local guide.
| Place | County | People | Household income (median) | Median rent | Home value (median) |
|---|---|---|---|---|---|
| Newark | Essex County | 310,178 | $52,060 | $1,392 | $373,700 |
| Jersey City | Hudson County | 294,078 | $97,710 | $2,007 | $566,900 |
| Paterson | Passaic County | 158,735 | $55,997 | $1,548 | $360,100 |
| Elizabeth | Union County | 137,302 | $66,555 | $1,523 | $449,300 |
| Toms River | Ocean County | 94,956 | $100,137 | $1,731 | $403,600 |
| Trenton | Mercer County | 90,338 | $52,537 | $1,294 | $160,700 |
| Clifton | Passaic County | 89,379 | $98,237 | $1,711 | $461,900 |
| Bayonne | Hudson County | 71,553 | $83,887 | $1,682 | $460,100 |
| Camden | Camden County | 71,496 | $40,546 | $1,226 | $112,000 |
| East Orange | Essex County | 70,090 | $60,830 | $1,441 | $365,900 |
| Passaic | Passaic County | 70,002 | $55,371 | $1,465 | $429,900 |
| Lakewood | Ocean County | 69,585 | $56,968 | $1,718 | $715,500 |
Westfield ($232,629) and Camden ($40,546) mark the high and low ends of median household income among New Jersey places with at least 20,000 residents. 158 places top 10,000 people; 19 top 50,000. Rents differ just as much, from a median $1,136 a month in Atlantic City to $3,032 in Paramus.
More New Jersey cities and towns
Places ranked 13 to 32 by population.
| City or town | Population | Median household income | Median rent |
|---|---|---|---|
| Union City | 66,463 | $64,310 | $1,537 |
| Vineland | 61,006 | $67,860 | $1,233 |
| Hoboken | 58,668 | $180,579 | $2,938 |
| New Brunswick | 56,345 | $65,810 | $1,814 |
| Perth Amboy | 55,855 | $61,977 | $1,688 |
| Plainfield | 55,236 | $85,908 | $1,767 |
| West New York | 52,004 | $71,729 | $1,716 |
| Hackensack | 46,057 | $84,277 | $1,911 |
| Sayreville | 45,838 | $99,979 | $1,711 |
| Sicklerville | 44,998 | $105,602 | $1,566 |
| Linden | 44,192 | $92,915 | $1,731 |
| Kearny | 40,614 | $79,154 | $1,720 |
| Fort Lee | 40,067 | $107,274 | $2,270 |
| Atlantic City | 38,632 | $41,028 | $1,136 |
| Fair Lawn | 35,610 | $144,574 | $1,917 |
| Garfield | 32,783 | $79,700 | $1,688 |
| Long Branch | 32,530 | $79,653 | $1,876 |
| Westfield | 31,111 | $232,629 | $2,357 |
| Princeton | 30,756 | $192,079 | $2,636 |
| Rahway | 30,109 | $91,461 | $1,845 |
Measured as a year of median rent against median household income, housing weighs most in Atlantic City (33%) and least in Westfield (12%) among these 20 places.
Counties with the most residents
New Jersey has 21 counties or equivalents. The 16 most populous are below.
| County | Population | Median household income | Median gross rent | Median home value |
|---|---|---|---|---|
| Bergen County | 962,316 | $124,884 | $1,914 | $623,000 |
| Middlesex County | 871,290 | $111,549 | $1,871 | $462,900 |
| Essex County | 863,002 | $80,789 | $1,531 | $524,100 |
| Hudson County | 718,323 | $91,795 | $1,894 | $539,700 |
| Ocean County | 654,362 | $89,863 | $1,755 | $398,400 |
| Monmouth County | 645,353 | $124,845 | $1,827 | $606,100 |
| Union County | 579,290 | $103,202 | $1,730 | $529,200 |
| Camden County | 527,257 | $88,755 | $1,402 | $287,100 |
| Passaic County | 521,012 | $87,522 | $1,621 | $459,500 |
| Morris County | 514,528 | $137,326 | $1,904 | $582,500 |
| Burlington County | 467,805 | $108,111 | $1,745 | $354,000 |
| Mercer County | 385,864 | $100,645 | $1,623 | $377,700 |
| Somerset County | 349,846 | $140,374 | $2,033 | $552,100 |
| Gloucester County | 306,954 | $105,115 | $1,531 | $310,400 |
| Atlantic County | 276,270 | $78,050 | $1,376 | $295,000 |
| Cumberland County | 153,305 | $67,436 | $1,282 | $221,400 |
Hunterdon County posts the highest county median income in New Jersey at $141,715, while Cumberland County posts the lowest at $67,436. That spread is a reminder to size a payment to your own budget, not to a state average.
How New Jersey earns a living
Which sectors put New Jersey to work? The four biggest are below, alongside national shares.
| Industry | Share of New Jersey workers | National share | Gap vs U.S. |
|---|---|---|---|
| Education, health care and social assistance | 24% | 24% | +0.8 pts |
| Professional, scientific and administrative services | 14% | 13% | +1.9 pts |
| Retail trade | 10% | 11% | -0.3 pts |
| Finance, insurance and real estate | 9% | 7% | +1.9 pts |
Finance, insurance and real estate is the sector with the biggest gap over the national mix, employing 9% of New Jersey workers (U.S.: 7%). Industry matters to a borrower because it decides how easy income is to document: salaried and public jobs verify quickly, while tips, commission, seasonal and contract pay need more records.
More context for New Jersey budgets
Homeownership stands at 64% in New Jersey and the median owner-occupied home is worth $454,400, which ranks 9th among the 51 jurisdictions. 32% of mortgaged owners are housing-cost burdened, versus 28% nationally. Before using equity, read how a HELOC compares with a personal loan: the line is secured by the home, the loan usually is not.
Rent is a pressure point for 52% of New Jersey renter households, who spend 30 percent or more of income on it (U.S.: 51%). Median gross rent is $1,720 a month, 7th highest among the 51. When rent rises at renewal, a fixed loan payment can collide with it, so leave room for the next increase.
With a median age of 40.1 and 44% of adults holding a four-year degree, New Jersey has a Gini inequality index of 0.478, ranking 12th from most to least unequal.
Checking a lender in New Jersey
Any lender offering loans in New Jersey should be able to show a license or a bank charter. For state-level questions, the CSBS directory points to the New Jersey Department of Banking and Insurance.
- Search the lender by name on NMLS Consumer Access to see which states it is licensed in.
- Legitimate lenders take fees out of the loan or bill them later, never by gift card or wire first (FTC).
- Complaints can go to the state agency and to the CFPB.
Can New Jersey residents use the questionnaire?
Partner coverage varies by state. If no lending partner is accepting New Jersey matches yet, the questionnaire says so on the location step and offers an email waitlist instead of asking for anything else. The guides and calculators work for everyone.
Local guides in New Jersey
Open a local guide for a closer look at your own city (5 in New Jersey):
Frequently asked questions
How do I verify a lender in New Jersey?
The state banking agency listed for New Jersey by the Conference of State Bank Supervisors is the New Jersey Department of Banking and Insurance. Many lenders' state licenses also appear on NMLS Consumer Access, and the CFPB takes complaints nationwide.
What do households in New Jersey earn?
The Census Bureau puts it at $103,556, which places New Jersey 4th of 51 (U.S.: $80,734).
How much do New Jersey renters pay?
$1,720 a month at the median, 7th of 51. 52% of New Jersey renters are cost-burdened, against 51% nationwide.
How common are long commutes in New Jersey?
23% of New Jersey workers travel 45 minutes or more to work, against 17% nationally (ACS 2020 to 2024). Long drives raise fuel and repair costs, so build them into any loan budget.