Home ownership in New Jersey is expensive and a lot of people can’t afford to buy their own home; that is probably part of the reason New Jersey has so many renters. In fact, we hold down the top three slots in the cities with the most renters in the country.

The study was put together by IPX1031, a financial services company. By analyzing the U.S. Census Bureau housing data of more than 300 cities, they found the top places for homeowners and renters.

Coming in first, with the highest percentage of renters, was Newark. According to IPX1031, 79% of residents are renters in Newark, followed by Elizabeth (75.45%) and Paterson (75.32%).

A fourth New Jersey town made it on the national top ten list with Jersey City at 6th with 71.17% of residents renting.

Here’s how they describe their methodology:

Using housing data from the U.S. Census Bureau, we analyzed more than 300 cities with a population of 100,000 or more to determine which cities are home to the highest percentage of owners and renters.

We also analyzed the cities with the most tenured renters by looking at renters who have lived in the same home for 22+ years.

In November 2022, we conducted a survey of 1,003 people from around the U.S. Among respondents, 48% identified as male, 49% as female, and 3% as non-binary or transgender with an average age of 39.

Interestingly, they also studied which cities had the longest tenured renters who haven’t moved in 22+ years. No New Jersey city was on that list, with New York, Los Angeles, Chicago, San Francisco, and Philadelphia topping the list.

On the other end of the spectrum is Buckeye, AZ, where home ownership is over 92%.

How much does the average NJ home cost? Median prices by county

Everything is costing more these days — and housing is certainly no exception in New Jersey.

Data for 2022 from January through August, compiled by New Jersey Realtors, shows that South Jersey has been seeing homes hit the market and sell in less than a month, on average.

Median prices for single-family homes have reached $500,000 and above in nine counties in North and Central Jersey.

All but two counties have seen houses go for more than the list price, on average, this year.

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