The 08103 zip code in Camden tops our ranking of the most affordable places to live in New Jersey.
We looked at 301 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 | Camden 🥇 | 100.0 | $120,174 | $2,563 |
| 2 | Gloucester City 🥈 | 92.7 | $228,025 | $1,828 |
| 3 | Trenton 🥉 | 89.7 | $250,589 | $2,563 |
| 4 | Mt Laurel Township | 89.4 | $384,221 | $2,204 |
| 5 | Cherry Hill | 85.2 | $423,032 | $1,820 |
| 6 | Williamstown | 84.9 | $349,339 | $1,888 |
| 7 | Carneys Point | 82.9 | $215,620 | $2,563 |
| 8 | Pennsauken | 81.5 | $255,354 | $2,636 |
| 9 | Mt Holly Township | 81.0 | $388,878 | $2,189 |
| 10 | Lumberton Township | 80.2 | $468,449 | $1,927 |
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1. Camden
Here's why the 08103 zip code in Camden is New Jersey's most affordable place to live.
🔎 Key data about Camden
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $120,174[1] | No. 2 | -$438,587.68 |
| Home affordability ratio | 3.5 | No. 11 | -2.0 |
| Home value five-year change | 71.4%[2] | No. 262 | 20.7% |
| Home value one-year forecast | 1.5%[3] | No. 259 | 1.4% |
| Rental costs | $2,563[4] | No. 81 | $0 |
| Rent affordability ratio | 2.51% | No. 74 | 0.0% |
| Median household income | $34,434[5] | No. 298 | -$67,733 |
| Property taxes | $1,735[6] | No. 1 | -$6,942 |
| Energy costs | $0.11 kWh[7] | No. 99 | $0.00 |
Camden's 08103 zip code is the cheapest place to live in New Jersey, leading the 301 markets we evaluated.
The median home value is $120,174, making it the 2nd-cheapest housing market in the state. Forecasts project a 1.5% change in home values in the next year. Rent in the zip code averages $2,563 per month, which is the 74th cheapest amount in New Jersey.
The median property tax for homeowners in Camden is $1,735 per household, the No. 1 ranked market in New Jersey.
Residents pay $0.11 per kWh of electricity, which ranks No. 99 among New Jersey markets.
2. Gloucester City
The 8030 zip code is the 2nd-cheapest place to live in New Jersey.
🔎 Key data about Gloucester City
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 92.7 | No. 2 | N/A |
| Median home value | $228,025[8] | No. 10 | -$330,735.95 |
| Home affordability ratio | 3.337364695 | No. 3 | -2.1 |
| Home value five-year change | 0.9779026215[9] | No. 298 | 47.1% |
| Home value one-year forecast | 1.6%[10] | No. 263 | 1.5% |
| Rental costs | $1,828[11] | No. 7 | -$735 |
| Rent affordability ratio | 2.68% | No. 232 | 0.2% |
| Median household income | 68325[12] | No. 250 | -$33,842 |
| Property taxes | $5,849[13] | No. 22 | -$2,828 |
| Energy costs | 0.1096116341 kWh[14] | No. 99 | $0.00 |
Gloucester City's 8030 zip code has a median home value of $228,025, which is the 263rd-cheapest housing market in New Jersey. You can rent for an average of $1,828 per month. That's the 7th-cheapest price in the state.
The average household income in the zip code is 68325, which ranks 250th-highest in the state.
Homeowners in Gloucester City pay a median property tax of $5,849 per year, making it the 22nd-most affordable market in New Jersey.
Gloucester City ranks No. 99 among New Jersey energy markets. You'll pay 0.1096116341 per kWh of electricity.
3. Trenton
The 3rd-cheapest place to live in New Jersey is Trenton's 8629 zip code.
🔎 Key data about Trenton
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.7 | No. 3 | N/A |
| Median home value | $250,589[15] | No. 13 | -$308,172.17 |
| Home affordability ratio | 3.143209369 | No. 1 | -2.3 |
| Home value five-year change | 0.8628071534[16] | No. 291 | 35.6% |
| Home value one-year forecast | 2.8%[17] | No. 280 | 2.7% |
| Rental costs | $2,563[18] | No. 81 | $0 |
| Rent affordability ratio | 2.51% | No. 74 | 0.0% |
| Median household income | 79724[19] | No. 220 | -$22,443 |
| Property taxes | $4,590[20] | No. 11 | -$4,087 |
| Energy costs | 0.1096116341 kWh[21] | No. 99 | $0.00 |
The No. 13 cheapest housing market in New Jersey is Trenton's 8629 zip code, with a median home value of $250,589. Rents in the market average $2,563 per month, making it the 81st-most affordable rental market in the state.
The median property tax for households in Trenton is $4,590, which makes it the 11th-cheapest place in New Jersey. Trenton ranks No. 99 among New Jersey markets by energy costs. Residents pay 0.1096116341 per kWh of electricity.
4. Mt Laurel Township
The 8054 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 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.4 | No. 4 | N/A |
| Median home value | $384,221[22] | No. 50 | -$174,540.46 |
| Home affordability ratio | 3.452988497 | No. 10 | -2.0 |
| Home value five-year change | 0.5522440436[23] | No. 169 | 4.6% |
| Home value one-year forecast | 1.2%[24] | No. 221 | 1.1% |
| Rental costs | $2,204[25] | No. 43 | -$359 |
| Rent affordability ratio | 1.98% | No. 29 | -0.5% |
| Median household income | 111272[26] | No. 118 | $9,105 |
| Property taxes | $7,519[27] | No. 71 | -$1,158 |
| Energy costs | 0.1096116341 kWh[28] | No. 99 | $0.00 |
The No. 50 cheapest housing market in New Jersey is Mt Laurel Township's 8054 zip code, where the median home value is $384,221. Renters here pay an average of $2,204 per month.
When it comes to energy costs, Mt Laurel Township ranks 99th among New Jersey markets. Residents pay 0.1096116341 per kWh of electricity.
The median property tax for households in the zip code is $7,519, which makes it the 71st-cheapest market in New Jersey.
5. Cherry Hill
The 8034 zip code in Cherry Hill ranks No. 5 among New Jersey's most affordable places to live.
🔎 Key data about Cherry Hill
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 85.2 | No. 5 | N/A |
| Median home value | $423,032[29] | No. 65 | -$135,729.78 |
| Home affordability ratio | 3.900418743 | No. 34 | -1.6 |
| Home value five-year change | 0.6632319169[30] | No. 238 | 15.7% |
| Home value one-year forecast | 1.4%[31] | No. 250 | 1.3% |
| Rental costs | $1,820[32] | No. 6 | -$743 |
| Rent affordability ratio | 1.68% | No. 9 | -0.8% |
| Median household income | 108458[33] | No. 127 | $6,291 |
| Property taxes | $9,103[34] | No. 126 | $426 |
| Energy costs | 0.1096116341 kWh[35] | No. 99 | $0.00 |
Cherry Hill's 8034 zip code has a median home value of $423,032, the 65th-cheapest market in the state. Forecasts project a 1.4% change in home values in the next year.
The median property tax per household in Cherry Hill is $9,103. It's the 126th-cheapest market by tax rate in New Jersey.
6. Williamstown
The No. 6 most affordable place to live in New Jersey is the 8094 zip code.
🔎 Key data about Williamstown
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 84.9 | No. 6 | N/A |
| Median home value | $349,339[36] | No. 41 | -$209,422.69 |
| Home affordability ratio | 3.611071875 | No. 16 | -1.9 |
| Home value five-year change | 0.6462737771[37] | No. 228 | 14.0% |
| Home value one-year forecast | 1.3%[38] | No. 233 | 1.2% |
| Rental costs | $1,888[39] | No. 11 | -$675 |
| Rent affordability ratio | 1.95% | No. 25 | -0.6% |
| Median household income | 96741[40] | No. 166 | -$5,426 |
| Property taxes | $7,533[41] | No. 72 | -$1,144 |
| Energy costs | 0.1434086825 kWh[42] | No. 272 | $0.03 |
The back half of our top 10 kicks off with Williamstown's 8094 zip code, which has the 41st-cheapest home values in New Jersey. The median home value is $349,339. Rents average $1,888 per month, making it the 11th-most affordable rental market in the state.
Residents pay 0.1434086825 per kWh of electricity. It's the 272nd-cheapest energy market.
7. Carneys Point
Carneys Point's 8069 zip code is the 7th-cheapest place to live in New Jersey.
🔎 Key data about Carneys Point
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 82.9 | No. 7 | N/A |
| Median home value | $215,620[43] | No. 8 | -$343,141.51 |
| Home affordability ratio | 3.427379676 | No. 8 | -2.0 |
| Home value five-year change | 0.8233943916[44] | No. 286 | 31.7% |
| Home value one-year forecast | 1.4%[45] | No. 250 | 1.3% |
| Rental costs | $2,563[46] | No. 81 | $0 |
| Rent affordability ratio | 2.51% | No. 74 | 0.0% |
| Median household income | 62911[47] | No. 261 | -$39,256 |
| Property taxes | $5,559[48] | No. 18 | -$3,118 |
| Energy costs | 0.1434086825 kWh[49] | No. 272 | $0.03 |
You'll find the 8th-cheapest home values in New Jersey in Carneys Point's 8069 zip code. The median value: $215,620. Renters in Carneys Point pay an average of $2,563 per month.
Homeowners in Carneys Point pay a median property tax of $5,559 per year, which is New Jersey's 18th-most affordable market.
The average household income is 62911, which ranks 261st-highest in the state.
8. Pennsauken
The 8th-cheapest place to live in New Jersey is Pennsauken's 8110 zip code.
🔎 Key data about Pennsauken
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.5 | No. 8 | N/A |
| Median home value | $255,354[50] | No. 15 | -$303,407.72 |
| Home affordability ratio | 3.291276398 | No. 2 | -2.2 |
| Home value five-year change | 0.8417269657[51] | No. 288 | 33.5% |
| Home value one-year forecast | 1.5%[52] | No. 259 | 1.4% |
| Rental costs | $2,636[53] | No. 239 | $73 |
| Rent affordability ratio | 3.40% | No. 271 | 0.9% |
| Median household income | 77585[54] | No. 225 | -$24,582 |
| Property taxes | $5,316[55] | No. 15 | -$3,361 |
| Energy costs | 0.1096116341 kWh[56] | No. 99 | $0.00 |
The 15th-cheapest housing market in New Jersey is Pennsauken's 8110 zip code, with a median home value of $255,354. Renters pay an average of $2,636 per month, the No. 239 rental market in the state.
The median property tax for households in Pennsauken is $5,316, which makes it the 15th-cheapest place in New Jersey. The average household income of 77585 ranks 225th.
9. Mt Holly Township
Mt Holly Township's 8060 zip code sneaks into the top ten of New Jersey's most affordable places to live.
🔎 Key data about Mt Holly Township
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.0 | No. 9 | N/A |
| Median home value | $388,878[57] | No. 55 | -$169,883.66 |
| Home affordability ratio | 3.725703316 | No. 26 | -1.7 |
| Home value five-year change | 0.6161746754[58] | No. 208 | 11.0% |
| Home value one-year forecast | 1.2%[59] | No. 221 | 1.1% |
| Rental costs | $2,189[60] | No. 41 | -$374 |
| Rent affordability ratio | 2.10% | No. 38 | -0.4% |
| Median household income | 104377[61] | No. 140 | $2,210 |
| Property taxes | $6,767[62] | No. 51 | -$1,910 |
| Energy costs | 0.1096116341 kWh[63] | No. 99 | $0.00 |
The 55th-cheapest housing market in New Jersey is Mt Holly Township's 8060 zip code, where the median home value is $388,878. Renters pay an average of $2,189 per month. It's the state's 41st-cheapest rental market.
The median property tax for households within the zip code is $6,767, which makes it the 51st-cheapest property tax rate in New Jersey.
10. Lumberton Township
The final spot on our list of the most affordable places to live in New Jersey goes to the 8048 zip code in Lumberton Township.
🔎 Key data about Lumberton Township
| Data point | Value | Rank (out of 301 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 80.2 | No. 10 | N/A |
| Median home value | $468,449[64] | No. 93 | -$90,312.24 |
| Home affordability ratio | 4.162512512 | No. 56 | -1.3 |
| Home value five-year change | 0.5665019849[65] | No. 183 | 6.0% |
| Home value one-year forecast | 1.2%[66] | No. 221 | 1.1% |
| Rental costs | $1,927[67] | No. 15 | -$636 |
| Rent affordability ratio | 1.71% | No. 10 | -0.8% |
| Median household income | 112540[68] | No. 112 | $10,373 |
| Property taxes | $8,544[69] | No. 102 | -$133 |
| Energy costs | 0.1096116341 kWh[70] | No. 99 | $0.00 |
The 93rd-most affordable market in New Jersey is Lumberton Township's 8048 zip code. The median home value is $468,449. Rent in the market costs $1,927 per month on average, making it the 15th-most affordable rental market in New Jersey.
The median property tax for households in Lumberton Township is $8,544, which is the 102nd-cheapest property tax rate in the state.
Lumberton Township ranks No. 99 among New Jersey markets by energy costs, with households paying 0.1096116341 per kWh of electricity.
How we ranked the most affordable places in New Jersey
We evaluated 301 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.
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.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. 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.
