The 08030 zip code in Gloucester City tops our ranking of the most affordable places to live in New Jersey.
We looked at 302 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in New Jersey
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Gloucester City 🥇 | 100 | $221,432 | $1,450 |
| 2 | Camden🥈 | 91.3 | $113,455 | $2,560 |
| 3 | Trenton 🥉 | 86.2 | $231,381 | $2,560 |
| 4 | Mt Laurel Township | 83.9 | $373,186 | $2,183 |
| 5 | Pennsauken | 83.3 | $247,691 | $2,560 |
| 6 | Woodbury | 81.4 | $311,321 | $1,954 |
| 7 | Bellmawr | 80.5 | $281,709 | $1,669 |
| 8 | Mt Holly Township | 79.8 | $372,039 | $2,089 |
| 9 | Collingswood | 78.6 | $306,023 | $1,426 |
| 10 | Carneys Point | 77.6 | $211,145 | $2,560 |
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1. Gloucester City
Here's why the 08030 zip code in Gloucester City is New Jersey's most affordable place to live.
🔎 Key data about Gloucester City
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100 | No. 1 | N/A |
| Median home value | $221,432[1] | No. 10 | -$318,436.54 |
| Home affordability ratio | 3.2 | No. 3 | -2.0 |
| Home value five-year change | 101.4%[2] | No. 298 | 53.7% |
| Home value one-year forecast | -1.2%[3] | No. 224 | 1.1% |
| Rental costs | $1,450[4] | No. 2 | -$1,110 |
| Rent affordability ratio | 2.12% | No. 47 | -0.4% |
| Median household income | $68,325[5] | No. 251 | -$34,272 |
| Property taxes | $5,604[6] | No. 22 | -$2,981 |
| Energy costs | $0.11 kWh[7] | No. 99 | $0.00 |
Gloucester City's 08030 zip code is the cheapest place to live in New Jersey, leading the 302 markets we evaluated.
The median home value is $221,432, making it the 10th-cheapest housing market in the state. Forecasts project a -1.2% change in home values in the next year. Rent in the zip code averages $1,450 per month, which is the 47th cheapest amount in New Jersey.
The median property tax for homeowners in Gloucester City is $5,604 per household, the No. 22 ranked market in New Jersey.
Residents pay $0.11 per kWh of electricity, which ranks No. 99 among New Jersey markets.
2. Camden
The 08104 zip code is the 2nd-cheapest place to live in New Jersey.
🔎 Key data about Camden
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 91.3 | No. 2 | N/A |
| Median home value | $113,455[8] | No. 1 | -$426,413.95 |
| Home affordability ratio | 3.5 | No. 14 | -1.8 |
| Home value five-year change | 127.4%[9] | No. 300 | 79.6% |
| Home value one-year forecast | -1.5%[10] | No. 222 | 0.8% |
| Rental costs | $2,560[11] | No. 93 | $0 |
| Rent affordability ratio | 2.50% | No. 86 | 0.0% |
| Median household income | $32,637[12] | No. 301 | -$69,960 |
| Property taxes | $2,070[13] | No. 2 | -$6,515 |
| Energy costs | $0.11 kWh[14] | No. 99 | $0.00 |
Camden's 08104 zip code has a median home value of $113,455, which is the 222nd-cheapest housing market in New Jersey. You can rent for an average of $2,560 per month. That's the 93rd-cheapest price in the state.
The average household income in the zip code is $32,637, which ranks 301st-highest in the state.
Homeowners in Camden pay a median property tax of $2,070 per year, making it the 2nd-most affordable market in New Jersey.
Camden ranks No. 99 among New Jersey energy markets. You'll pay $0.11 per kWh of electricity.
3. Trenton
The 3rd-cheapest place to live in New Jersey is Trenton's 08629 zip code.
🔎 Key data about Trenton
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 86.2 | No. 3 | N/A |
| Median home value | $231,381[15] | No. 13 | -$308,487.10 |
| Home affordability ratio | 2.9 | No. 1 | -2.4 |
| Home value five-year change | 96.8%[16] | No. 295 | 49.0% |
| Home value one-year forecast | 0.0%[17] | No. 267 | 2.3% |
| Rental costs | $2,560[18] | No. 93 | $0 |
| Rent affordability ratio | 2.50% | No. 86 | 0.0% |
| Median household income | $79,724[19] | No. 221 | -$22,873 |
| Property taxes | $4,307[20] | No. 8 | -$4,278 |
| Energy costs | $0.11 kWh[21] | No. 99 | $0.00 |
The No. 13 cheapest housing in New Jersey is Trenton's 08629 zip code, with a median home value of $231,381. Rents in the market average $2,560 per month, making it the 93rd-most affordable rental market in the state.
The median property tax for households in Trenton is $4,307, which makes it the 8th-cheapest place in New Jersey. Trenton ranks No. 99 among New Jersey markets by energy costs. Residents pay $0.11 per kWh of electricity.
4. Mt Laurel Township
The 08054 zip code in Mt Laurel Township comes in at No. 4 on our list of the cheapest places to live in New Jersey.
🔎 Key data about Mt Laurel Township
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 83.9 | No. 4 | N/A |
| Median home value | $373,186[22] | No. 54 | -$166,682.82 |
| Home affordability ratio | 3.4 | No. 9 | -1.9 |
| Home value five-year change | 53.6%[23] | No. 169 | 5.9% |
| Home value one-year forecast | -0.9%[24] | No. 261 | 1.4% |
| Rental costs | $2,183[25] | No. 40 | -$377 |
| Rent affordability ratio | 1.96% | No. 28 | -0.5% |
| Median household income | $111,272[26] | No. 119 | $8,675 |
| Property taxes | $7,488[27] | No. 73 | -$1,097 |
| Energy costs | $0.11 kWh[28] | No. 99 | $0.00 |
The No. 54 cheapest housing market in New Jersey is Mt Laurel Township's 08054 zip code, where the median home value is $373,186. Renters here pay an average of $2,183 per month.
When it comes to energy costs, Mt Laurel Township ranks 99th among New Jersey markets. Residents pay $0.11 per kWh of electricity.
The median property tax for households in the zip code is $7,488, which makes it the 73rd-cheapest market in New Jersey.
5. Pennsauken
The 08110 zip code in Pennsauken ranks No. 5 among New Jersey's most affordable places to live.
🔎 Key data about Pennsauken
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 83.3 | No. 5 | N/A |
| Median home value | $247,691[29] | No. 15 | -$292,176.99 |
| Home affordability ratio | 3.2 | No. 2 | -2.1 |
| Home value five-year change | 92.3%[30] | No. 289 | 44.6% |
| Home value one-year forecast | -1.2%[31] | No. 224 | 1.1% |
| Rental costs | $2,560[32] | No. 93 | $0 |
| Rent affordability ratio | 2.50% | No. 86 | 0.0% |
| Median household income | $77,585[33] | No. 226 | -$25,012 |
| Property taxes | $5,056[34] | No. 16 | -$3,529 |
| Energy costs | $0.11 kWh[35] | No. 99 | $0.00 |
Pennsauken's 08110 zip code has a median home value of $247,691, the 15th-cheapest market in the state. Forecasts project a -1.2% change in home values in the next year.
The median property tax per household in Pennsauken is $5,056. It's the 16th-cheapest market by tax rate in New Jersey.
6. Woodbury
The No. 6 most affordable place to live in New Jersey is the 08096 zip code.
🔎 Key data about Woodbury
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.4 | No. 6 | N/A |
| Median home value | $311,321[36] | No. 29 | -$228,547.82 |
| Home affordability ratio | 3.4 | No. 13 | -1.9 |
| Home value five-year change | 62.8%[37] | No. 215 | 15.1% |
| Home value one-year forecast | -1.0%[38] | No. 240 | 1.3% |
| Rental costs | $1,954[39] | No. 16 | -$606 |
| Rent affordability ratio | 2.14% | No. 51 | -0.4% |
| Median household income | $91,275[40] | No. 186 | -$11,322 |
| Property taxes | $6,786[41] | No. 56 | -$1,799 |
| Energy costs | $0.13 kWh[42] | No. 264 | $0.02 |
The back half of our top 10 kicks off with Woodbury's 08096 zip code, which has the 29th-cheapest home values in New Jersey. The median home value is $311,321. Rents average $1,954 per month, making it the 16th-most affordable rental market in the state.
Residents pay $0.13 per kWh of electricity. It's the 264th-cheapest energy market.
7. Bellmawr
Bellmawr's 08031 zip code is the 7th-cheapest place to live in New Jersey.
🔎 Key data about Bellmawr
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 80.5 | No. 7 | N/A |
| Median home value | $281,709[43] | No. 19 | -$258,159.04 |
| Home affordability ratio | 3.9 | No. 48 | -1.3 |
| Home value five-year change | 75.2%[44] | No. 265 | 27.4% |
| Home value one-year forecast | -1.0%[45] | No. 240 | 1.3% |
| Rental costs | $1,669[46] | No. 4 | -$891 |
| Rent affordability ratio | 2.32% | No. 75 | -0.2% |
| Median household income | $71,935[47] | No. 243 | -$30,662 |
| Property taxes | $6,864[48] | No. 58 | -$1,721 |
| Energy costs | $0.11 kWh[49] | No. 99 | $0.00 |
You'll find the 19th-cheapest home values in New Jersey in Bellmawr's 08031 zip code. The median value: $281,709. Renters in Bellmawr pay an average of $1,669 per month.
Homeowners in Bellmawr pay a median property tax of $6,864 per year, which is New Jersey's 58th-most affordable market.
The average household income is $71,935, which ranks 243rd-highest in the state.
8. Mt Holly Township
The 8th-cheapest place to live in New Jersey is Mt Holly Township's 08060 zip code.
🔎 Key data about Mt Holly Township
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 79.8 | No. 8 | N/A |
| Median home value | $372,039[50] | No. 51 | -$167,829.79 |
| Home affordability ratio | 3.6 | No. 20 | -1.7 |
| Home value five-year change | 63.2%[51] | No. 218 | 15.5% |
| Home value one-year forecast | -1.0%[52] | No. 240 | 1.3% |
| Rental costs | $2,089[53] | No. 27 | -$472 |
| Rent affordability ratio | 2.00% | No. 34 | -0.5% |
| Median household income | $104,377[54] | No. 141 | $1,780 |
| Property taxes | $6,713[55] | No. 53 | -$1,872 |
| Energy costs | $0.11 kWh[56] | No. 99 | $0.00 |
The 51st-cheapest housing market in New Jersey is Mt Holly Township's 08060 zip code, with a median home value of $372,039. Renters pay an average of $2,089 per month, the No. 27 rental market in the state.
The median property tax for households in Mt Holly Township is $6,713, which makes it the 53rd-cheapest place in New Jersey. The average household income of $104,377 ranks 141st.
9. Collingswood
Collingswood's 08107 zip code sneaks into the top ten of New Jersey's most affordable places to live.
🔎 Key data about Collingswood
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 78.6 | No. 9 | N/A |
| Median home value | $306,023[57] | No. 25 | -$233,845.23 |
| Home affordability ratio | 4.5 | No. 103 | -0.8 |
| Home value five-year change | 73.8%[58] | No. 257 | 26.0% |
| Home value one-year forecast | -1.1%[59] | No. 230 | 1.2% |
| Rental costs | $1,426[60] | No. 1 | -$1,134 |
| Rent affordability ratio | 2.08% | No. 43 | -0.4% |
| Median household income | $68,627[61] | No. 250 | -$33,970 |
| Property taxes | $8,156[62] | No. 97 | -$429 |
| Energy costs | $0.11 kWh[63] | No. 99 | $0.00 |
The 25th-cheapest housing market in New Jersey is Collingswood's 08107 zip code, where the median home value is $306,023. Renters pay an average of $1,426 per month. It's the state's 1st-cheapest rental market.
The median property tax for households within the zip code is $8,156, which makes it the 97th-cheapest property tax rate in New Jersey.
10. Carneys Point
The final spot on our list of the most affordable places to live in New Jersey goes to the 08069 zip code in Carneys Point.
🔎 Key data about Carneys Point
| Data point | Value | Rank (out of 302 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 77.6 | No. 10 | N/A |
| Median home value | $211,145[64] | No. 7 | -$328,723.57 |
| Home affordability ratio | 3.4 | No. 10 | -1.9 |
| Home value five-year change | 98.3%[65] | No. 296 | 50.5% |
| Home value one-year forecast | -1.2%[66] | No. 224 | 1.1% |
| Rental costs | $2,560[67] | No. 93 | $0 |
| Rent affordability ratio | 2.50% | No. 86 | 0.0% |
| Median household income | $62,911[68] | No. 262 | -$39,686 |
| Property taxes | $5,000[69] | No. 15 | -$3,585 |
| Energy costs | $0.14 kWh[70] | No. 273 | $0.03 |
The 7th-most affordable market in New Jersey is Carneys Point's 08069 zip code. The median home value is $211,145. Rent in the market costs $2,560 per month on average, making it the 93rd-most affordable rental market in New Jersey.
The median property tax for households in Carneys Point is $5,000, which is the 15th-cheapest property tax rate in the state.
Carneys Point ranks No. 273 among New Jersey markets by energy costs, with households paying $0.14 per kWh of electricity.
How we ranked the most affordable places in New Jersey
We evaluated 302 zip codes in New Jersey with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
Methodology: What is an Affordability Score?
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in New Jersey, the higher our score on this component. We assign a weight of 23.8% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the New Jersey average, the higher our score on this component. We assign a weight of 7.1% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the New Jersey average, the higher our score on this component. We assign a weight of 7.1% to energy costs.
