LEAST Affordable State To Buy A Home In US? Take A Guess…

Great job, Jersey! 🙄 I say that sarcastically. We're officially the absolute WORST state to move to if affordability is the number one priority.

Listen, it's so secret that New Jersey is expensive. It's not news to anybody currently living in the Garden State that is costs major moolah to set up a life here. For many, it wasn't worth it before. That number just skyrocketed with the recent information published about what it's like to enter the buyers' housing market in New Jersey right now. Spoiler alert: It's AWFUL.

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Not only is it ridiculously difficult to purchase a home anywhere at the moment, but New Jersey is the absolute most difficult state in all of the USA to try and put down roots. According to the folks at Pro Tool Reviews, the average home in the Garden State is currently going for almost $509k in 2024. An AVERAGE home is a half a million dollars?!? Who can afford that?!?

NJ named least affordable state in USA to purchase a home

NJ is expensive for so many reasons. To residents that already live here, that list seems endless. The main three reasons why homes are so pricey in New Jersey come down to location, property taxes, and space. Is there more to that story? Sure, but these three items paint the specific picture for outsiders that explains why it costs so much to live in Jersey.

1.) Location

New Jersey's proximity to major cities like New York City, Philadelphia, and other major metropolises makes it a desirable place to live for people who work there but prefer a more laid-back lifestyle. In many parts of the Garden State, it's a simpler, quiet life.

2.) Property Taxes

It probably comes as a shock to literally no one, but New Jersey has some of the highest property taxes in the country. This means that the overall cost of owning a home is significantly higher than in places where property taxes don't usually exceed $5000 per year.

3.) Limited Space

The Garden State is densely populated with limited space for new housing developments, especially in desirable areas close to cities or along the coast. It may seem like new neighborhoods are popping up left and right. Pretty soon, they're going to run out of room!

Predicting housing market changes can be challenging. Typically, a combination of factors rather than any single factor alone tends to drive significant shifts in home prices. So, don't expect to hear when NJ's homes will get cheaper. It's almost impossible to figure that out...