The Census Bureau has released the latest estimates from the American Community Survey data to estimate the median multiple. We have crunched the numbers and the rankings are in. See the ZIPs in New Jersey with the lowest median multiple below, and the highest median multiple ZIPs. Only ZIP codes with a low margin of error are included.
To determine housing affordability, we compare local home prices with local incomes. The median multiple answers the question, "how many years would it take for the median income to pay off the median home price?" Lower values indicate that incomes in the area are high enough to make it easier to pay off a home. Anything under 3 is considered affordable.
The New Jersey median multiple from the latest estimates is 4.2 and has fallen 3.0% from 4.3.
This year saw several big changes. 07970 (Mount Freedom, NJ) ranked for the first time, 08014 (Bridgeport, NJ) ranked for the first time, 08327 (Leesburg, NJ) ranked for the first time, 08629 (Trenton, NJ) fell from #3 to #4, and 08061 (Mount Royal, NJ) ranked for the first time.