What is the homeownership rate in New Jersey?
Data updated July 26, 2024
About 62.7% in 2023. That meant about 3 in 5 households owned their home while the remainder rented.
Showing data for
In 2023,
62.7%
of New Jersey households owned their home
In 2023,
3 in 5
New Jersey households owned their home
According to the Census Bureau, understanding homeownership rates can help determine if people’s needs are met by available housing and can inform policy and funding decisions. The New Jersey homeownership rate in 2023 was 3.2 percentage points lower than the US homeownership rate overall.
New Jersey's homeownership rate in 2023 was 3.2 percentage points lower than the US.
During the housing bubble of the mid-2000s, homeownership rates rose to a peak of 69% in 2004. When the housing bubble popped in 2007 and the Great Recession started, foreclosures increased and there was a shift from owning to renting: the homeownership rate declined through 2016, when it bottomed out at 63.4%. It then began to increase.
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Homeownership rates don’t just shift over time — they also vary across places for many reasons, including economic conditions and demographic characteristics.
Across metro areas, the average homeownership rate was 67.2% in 2022.
In 2022, the average homeownership rate across metro areas was 67.2%. The metro areas with the highest and lowest homeownership rates were The Villages, Florida, at 89% (highest) and Los Angeles at 47.9% (lowest). In New Jersey, the rate was highest in Ocean City, NJ, (76.3%) and lowest in Trenton, NJ (63.7%).
Homeownership rate, New Jersey metro areas (2022)
| 1. | Ocean City, NJ Ocean City, NJ Metro Area | 76.3% |
| 2. | Atlantic City, NJ Atlantic City-Hammonton, NJ Metro Area | 70.0% |
| 3. | Vineland, NJ Vineland-Bridgeton, NJ Metro Area | 66.9% |
| 4. | Trenton, NJ Trenton-Princeton, NJ Metro Area | 63.7% |
