The 08103 zip code in Camden tops our ranking of the most affordable places to live in New Jersey.
We looked at 291 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 | $128,652 | $2,539 |
| 2 | Washington 🥈 | 85.4 | $412,039 | $1,683 |
| 3 | Mt Laurel Township 🥉 | 84.0 | $399,398 | $2,243 |
| 4 | Trenton | 82.5 | $214,103 | $2,539 |
| 5 | Jersey City | 81.4 | $587,288 | $4,261 |
| 6 | Mt Holly Township | 79.2 | $400,673 | $2,055 |
| 7 | Edgewater Park Township | 77.3 | $330,761 | $1,738 |
| 8 | Newton | 77.2 | $436,704 | $2,094 |
| 9 | Pennington | 75.8 | $678,250 | $2,578 |
| 10 | Bordentown Township | 75.8 | $457,553 | $1,992 |
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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 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $128,652[1] | No. 1 | -$458,635.43 |
| Home affordability ratio | 3.5 | No. 9 | -1.9 |
| Home value five-year change | 13.4%[2] | No. 5 | -26.6% |
| Home value one-year forecast | 0.9%[3] | No. 231 | 0.2% |
| Rental costs | $2,539[4] | No. 112 | $0 |
| Rent affordability ratio | 2.35% | No. 95 | 0.0% |
| Median household income | $36,793[5] | No. 289 | -$71,408 |
| Property taxes | $1,805[6] | No. 1 | -$6,919 |
| Energy costs | $0.13 kWh[7] | No. 106 | $0.00 |
Camden's 08103 zip code is the cheapest place to live in New Jersey, leading the 291 markets we evaluated.
The median home value is $128,652, making it the 1st-cheapest housing market in the state. Forecasts project a 0.9% change in home values in the next year. Rent in the zip code averages $2,539 per month, which is the 95th cheapest amount in New Jersey.
The median property tax for homeowners in Camden is $1,805 per household, the No. 1 ranked market in New Jersey.
Residents pay $0.13 per kWh of electricity, which ranks No. 106 among New Jersey markets.
2. Washington
The 7882 zip code is the 2nd-cheapest place to live in New Jersey.
🔎 Key data about Washington
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 85.4 | No. 2 | N/A |
| Median home value | $412,039[8] | No. 53 | -$175,248.55 |
| Home affordability ratio | 3.8 | No. 32 | -1.6 |
| Home value five-year change | 40.9%[9] | No. 125 | 0.9% |
| Home value one-year forecast | 1.5%[10] | No. 257 | 0.8% |
| Rental costs | $1,683[11] | No. 4 | -$856 |
| Rent affordability ratio | 1.56% | No. 14 | -0.8% |
| Median household income | $107,567[12] | No. 139 | -$634 |
| Property taxes | $8,979[13] | No. 111 | $255 |
| Energy costs | $0.10 kWh[14] | No. 1 | -$0.02 |
Washington's 7882 zip code has a median home value of $412,039, which is the 257th-cheapest housing market in New Jersey. You can rent for an average of $1,683 per month. That's the 4th-cheapest price in the state.
The average household income in the zip code is $107,567, which ranks 139th-highest in the state.
Homeowners in Washington pay a median property tax of $8,979 per year, making it the 111th-most affordable market in New Jersey.
Washington ranks No. 1 among New Jersey energy markets. You'll pay $0.10 per kWh of electricity.
3. Mt Laurel Township
The 3rd-cheapest place to live in New Jersey is Mt Laurel Township's 8054 zip code.
🔎 Key data about Mt Laurel Township
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 84.0 | No. 3 | N/A |
| Median home value | $399,398[15] | No. 48 | -$187,890.09 |
| Home affordability ratio | 3.4 | No. 6 | -2.1 |
| Home value five-year change | 44.4%[16] | No. 181 | 4.4% |
| Home value one-year forecast | 0.8%[17] | No. 213 | 0.1% |
| Rental costs | $2,243[18] | No. 60 | -$296 |
| Rent affordability ratio | 1.89% | No. 40 | -0.5% |
| Median household income | $118,802[19] | No. 109 | $10,601 |
| Property taxes | $7,468[20] | No. 63 | -$1,256 |
| Energy costs | $0.13 kWh[21] | No. 106 | $0.00 |
The No. 48 cheapest housing market in New Jersey is Mt Laurel Township's 8054 zip code, with a median home value of $399,398. Rents in the market average $2,243 per month, making it the 60th-most affordable rental market in the state.
The median property tax for households in Mt Laurel Township is $7,468, which makes it the 63rd-cheapest place in New Jersey. Mt Laurel Township ranks No. 106 among New Jersey markets by energy costs. Residents pay $0.13 per kWh of electricity.
4. Trenton
The 8609 zip code in Trenton comes in at No. 4 on our list of the cheapest places to live in New Jersey.
🔎 Key data about Trenton
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 82.5 | No. 4 | N/A |
| Median home value | $214,103[22] | No. 5 | -$373,185.21 |
| Home affordability ratio | 3.1 | No. 4 | -2.3 |
| Home value five-year change | 82.1%[23] | No. 288 | 42.1% |
| Home value one-year forecast | 2.3%[24] | No. 273 | 1.6% |
| Rental costs | $2,539[25] | No. 112 | $0 |
| Rent affordability ratio | 2.35% | No. 95 | 0.0% |
| Median household income | $68,238[26] | No. 250 | -$39,963 |
| Property taxes | $2,715[27] | No. 4 | -$6,009 |
| Energy costs | $0.13 kWh[28] | No. 106 | $0.00 |
The No. 5 cheapest housing market in New Jersey is Trenton's 8609 zip code, where the median home value is $214,103. Renters here pay an average of $2,539 per month.
When it comes to energy costs, Trenton ranks 106th among New Jersey markets. Residents pay $0.13 per kWh of electricity.
The median property tax for households in the zip code is $2,715, which makes it the 4th-cheapest market in New Jersey.
5. Jersey City
The 7310 zip code in Jersey City ranks No. 5 among New Jersey's most affordable places to live.
🔎 Key data about Jersey City
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.4 | No. 5 | N/A |
| Median home value | $587,288[29] | No. 166 | |
| Home affordability ratio | 0.0 | No. 1 | -5.4 |
| Home value five-year change | 40.1%[30] | No. 112 | 0.0% |
| Home value one-year forecast | 0.3%[31] | No. 1 | -0.4% |
| Rental costs | $4,261[32] | No. 289 | $1,722 |
| Rent affordability ratio | 2.32% | No. 90 | 0.0% |
| Median household income | $183,464[33] | No. 21 | $75,263 |
| Property taxes | $10,001[34] | No. 155 | $1,277 |
| Energy costs | $0.13 kWh[35] | No. 106 | $0.00 |
Jersey City's 7310 zip code has a median home value of $587,288, the 166th-cheapest market in the state. Forecasts project a 0.3% change in home values in the next year.
The median property tax per household in Jersey City is $10,001. It's the 155th-cheapest market by tax rate in New Jersey.
6. Mt Holly Township
The No. 6 most affordable place to live in New Jersey is the 8060 zip code.
🔎 Key data about Mt Holly Township
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 79.2 | No. 6 | N/A |
| Median home value | $400,673[36] | No. 49 | -$186,615.21 |
| Home affordability ratio | 3.7 | No. 23 | -1.8 |
| Home value five-year change | 46.3%[37] | No. 201 | 6.2% |
| Home value one-year forecast | 0.8%[38] | No. 213 | 0.1% |
| Rental costs | $2,055[39] | No. 31 | -$483 |
| Rent affordability ratio | 1.88% | No. 38 | -0.5% |
| Median household income | $109,292[40] | No. 134 | $1,091 |
| Property taxes | $7,049[41] | No. 56 | -$1,675 |
| Energy costs | $0.13 kWh[42] | No. 106 | $0.00 |
The back half of our top 10 kicks off with Mt Holly Township's 8060 zip code, which has the 49th-cheapest home values in New Jersey. The median home value is $400,673. Rents average $2,055 per month, making it the 31st-most affordable rental market in the state.
Residents pay $0.13 per kWh of electricity. It's the 106th-cheapest energy market.
7. Edgewater Park Township
Edgewater Park Township's 8010 zip code is the 7th-cheapest place to live in New Jersey.
🔎 Key data about Edgewater Park Township
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 77.3 | No. 7 | N/A |
| Median home value | $330,761[43] | No. 24 | -$256,527.26 |
| Home affordability ratio | 3.8 | No. 26 | -1.7 |
| Home value five-year change | 54.5%[44] | No. 262 | 14.4% |
| Home value one-year forecast | 0.9%[45] | No. 231 | 0.2% |
| Rental costs | $1,738[46] | No. 6 | -$800 |
| Rent affordability ratio | 1.97% | No. 52 | -0.4% |
| Median household income | $88,037[47] | No. 208 | -$20,164 |
| Property taxes | $6,669[48] | No. 43 | -$2,055 |
| Energy costs | $0.13 kWh[49] | No. 106 | $0.00 |
You'll find the 24th-cheapest home values in New Jersey in Edgewater Park Township's 8010 zip code. The median value: $330,761. Renters in Edgewater Park Township pay an average of $1,738 per month.
Homeowners in Edgewater Park Township pay a median property tax of $6,669 per year, which is New Jersey's 43rd-most affordable market.
The average household income is $88,037, which ranks 208th-highest in the state.
8. Newton
The 8th-cheapest place to live in New Jersey is Newton's 7860 zip code.
🔎 Key data about Newton
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 77.2 | No. 8 | N/A |
| Median home value | $436,704[50] | No. 59 | -$150,583.99 |
| Home affordability ratio | 4.0 | No. 43 | -1.5 |
| Home value five-year change | 37.4%[51] | No. 81 | -2.6% |
| Home value one-year forecast | 0.5%[52] | No. 76 | -0.2% |
| Rental costs | $2,094[53] | No. 38 | -$445 |
| Rent affordability ratio | 1.90% | No. 43 | -0.4% |
| Median household income | $110,045[54] | No. 129 | $1,844 |
| Property taxes | $8,950[55] | No. 110 | $226 |
| Energy costs | $0.10 kWh[56] | No. 1 | -$0.02 |
The 59th-cheapest housing market in New Jersey is Newton's 7860 zip code, with a median home value of $436,704. Renters pay an average of $2,094 per month, the No. 38 rental market in the state.
The median property tax for households in Newton is $8,950, which makes it the 110th-cheapest place in New Jersey. The average household income of $110,045 ranks 129th.
9. Pennington
Pennington's 8534 zip code sneaks into the top ten of New Jersey's most affordable places to live.
🔎 Key data about Pennington
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 75.8 | No. 9 | N/A |
| Median home value | $678,250[57] | No. 212 | $90,961.80 |
| Home affordability ratio | 3.9 | No. 36 | -1.6 |
| Home value five-year change | 40.0%[58] | No. 110 | -0.1% |
| Home value one-year forecast | 1.7%[59] | No. 262 | 1.0% |
| Rental costs | $2,578[60] | No. 221 | $39 |
| Rent affordability ratio | 1.47% | No. 6 | -0.9% |
| Median household income | $175,573[61] | No. 28 | $67,372 |
| Property taxes | $10,001[62] | No. 155 | $1,277 |
| Energy costs | $0.12 kWh[63] | No. 54 | -$0.01 |
The 212th-cheapest housing market in New Jersey is Pennington's 8534 zip code, where the median home value is $678,250. Renters pay an average of $2,578 per month. It's the state's 221st-cheapest rental market.
The median property tax for households within the zip code is $10,001, which makes it the 155th-cheapest property tax rate in New Jersey.
10. Bordentown Township
The final spot on our list of the most affordable places to live in New Jersey goes to the 8505 zip code in Bordentown Township.
🔎 Key data about Bordentown Township
| Data point | Value | Rank (out of 291 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 75.8 | No. 10 | N/A |
| Median home value | $457,553[64] | No. 67 | -$129,734.83 |
| Home affordability ratio | 4.1 | No. 49 | -1.4 |
| Home value five-year change | 42.1%[65] | No. 149 | 2.1% |
| Home value one-year forecast | 0.8%[66] | No. 213 | 0.1% |
| Rental costs | $1,992[67] | No. 23 | -$547 |
| Rent affordability ratio | 1.76% | No. 25 | -0.6% |
| Median household income | $112,845[68] | No. 124 | $4,644 |
| Property taxes | $8,270[69] | No. 87 | -$454 |
| Energy costs | $0.13 kWh[70] | No. 106 | $0.00 |
The 67th-most affordable market in New Jersey is Bordentown Township's 8505 zip code. The median home value is $457,553. Rent in the market costs $1,992 per month on average, making it the 23rd-most affordable rental market in New Jersey.
The median property tax for households in Bordentown Township is $8,270, which is the 87th-cheapest property tax rate in the state.
Bordentown Township ranks No. 106 among New Jersey markets by energy costs, with households paying $0.13 per kWh of electricity.
How we ranked the most affordable places in New Jersey
We evaluated 291 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 13.0% 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 28.0% 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 10.0% 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 8.0% 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 7.0% 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 5.0% 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 17.0% 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 8.0% 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 4.0% 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.
