Housing statistic looks great for NJ single buyers

I’m about to say something that might surprise you, especially if you’re single, scrolling Zillow at midnight, and slowly losing the will to live.

According to a new study from the New Jersey Real Estate Network, New Jersey is actually one of the most affordable states in the country for single homebuyers. No, I’m not insane. And yes, I double checked.

New Jersey ranked second overall, tied with Washington and Colorado, when it comes to how many years of income a single buyer needs to afford a home. Here, the average single person would need about 6.3 years of income to buy a typical home. The national average is closer to 7.8 years, so somehow, shockingly, we’re doing better than most.

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Massachusetts came in first, which feels wrong on a spiritual level, but the math checks out. Even though home prices there are higher, incomes are also higher, which helps balance things out.

That same logic is what works in New Jersey. Our typical home price was around $556,000, and the median income for single buyers was about $52,400. Still not cheap, but not the disaster we’re usually told it is.

And before anyone yells at me, no, this does not mean housing is “easy” here. It means that compared to other states, especially ones people assume are cheaper, single buyers actually have a tougher time elsewhere. West Virginia ranked dead last, even though home prices are lower, because incomes are so much lower, too. Same story in Mississippi and Arkansas.

What this really shows is that affordability is not just about sticker price. It’s about whether your paycheck has any chance of keeping up.

So yes, New Jersey is expensive. We know this. We live this. But for once, here’s some decent news. If you’re single and trying to buy a home, Jersey is not the worst place to try. In fact, statistically, it’s one of the better ones. I’ll take a small win when I can get one!

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.

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