As inflation continues to impact housing markets across the United States, many Americans are finding it more challenging to purchase a home. New Jersey, known for having the third-highest household expenses in the country, has seen an increased demand for more affordable living options. A recent study by NBC News evaluated home affordability in the U.S., revealing some surprising trends, particularly in South Jersey.
Most Affordable Counties for Homebuyers
In South Jersey, Cumberland County stands out as the most affordable place to buy a home. With an annual income requirement of $53,987 to afford a median-priced home, Cumberland offers a more accessible option for prospective homeowners. Notably, it is the only county in the state without properties valued at $2 million or more. This makes it an attractive option for those looking for budget-friendly housing.
Salem County ranks second, requiring an income of $54,239. Known for Mannington Township, which has been rated as one of the best places to buy a house, Salem offers a blend of affordability and quality living. Camden County follows, with a higher annual income requirement of $67,359. This area is home to several desirable suburbs like Haddonfield, Springdale, and Greentree, making it a strong choice for those looking for a suburban feel.
Gloucester County, with an income requirement of $70,081, is another affordable choice. Its proximity to Philadelphia, Atlantic City, and Delaware adds to its appeal. This county is home to towns like Turnersville and Mullica Hill, which offer an affordable cost of living.
Challenges and Solutions for Homebuyers
While areas like Ocean and Cape May counties are more expensive, they still offer desirable locations for those seeking shore towns or retirement destinations. However, these counties require higher annual incomes to afford a median-priced home. For instance, Ocean County’s required income is $96,042, while Cape May County tops the list at $150,823.
Despite the rising costs in some areas, several South Jersey communities are working to alleviate the burden on homeowners by cutting property taxes. These efforts help make homeownership more attainable.
To explore more about affordable housing in South Jersey, visit 973 ESPN.
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