New Report Shows If It’s Possible To Afford A Home In New Jersey

It can often feel like purchasing a home is nearly impossible, especially living here in New Jersey.

Maybe it's something you would love to do, but it's just WAY too expensive.

You question whether you'll ever be able to afford it.

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RealityHop, a real estate tech platform, recently released the February Affordability Report to see how possible it is for families in the 100 largest cities in the United States to afford a home.

New Jersey did NOT make the top 5 least affordable housing markets, however it's still not great news.

According to the report, the least affordable housing market is in California.

Here's what the report found:

1. Los Angeles, CA

Los Angeles is home to country’s least affordable housing market. With a median list price of $1,100,000 and a mortgage rate of 6.64 percent, buyers would have to spend 97 percent of their income to purchase a home.

So where did New Jersey rank?

On the list of 100 least affordable U.S. cities, Jersey City ranked 13th on the list.

With a median list price of $669,900 and a household income of $92,021, Jersey City can expect to pay an estimated $4,201.96 in a monthly mortgage and taxes.

If you're looking for a more affordable city to live, don't look in New Jersey.

Three of the more affordable housing markets this month can be found in Detroit, Michigan, Wichita, Kansas, and Fort Wayne, Indiana.