Investing in New Jersey
The Garden State is a great place to invest in rental properties. With one of the best education systems (#1, US News 2022) and healthcare systems (#4, US News 2022) in the US, many people flock to New Jersey for the perfect balance of suburban and urban living.
The Nophin team crunched the numbers and found the five best places to invest in New Jersey rental properties.
Statewide vacancy rates
Newark is the third oldest city in the US and is nicknamed the "Brick City" for the affordable housing buildings in the city.
- Population: 311,549
- Median household income: $37,476
- Median 1-bedroom monthly rent: $1,350
- Median listing home price: $340,000
Jersey City, NJ
Jersey City faces Manhattan across the Hudson River. The city is home to Liberty State Park (where Statue of Liberty sits) and the Ellis Island Immigration Center.
- Population: 292,449
- Median household income: $76,444
- Median 1-bedroom monthly rent: $3,470
- Median listing home price: $599,900
Paterson is home to one of the largest immigrant communities and previously known for its role for producing silk.
- Population: 159,732
- Median household income: $45,141
- Median 1-bedroom monthly rent: $1,500
- Median listing home price: $330,000
Elizabeth is New Jersey' fourth largest city and, in 2008, was considered one of America's greenest cities (Popular Science Magazine).
- Population: 137,298
- Median household income: $50,647
- Median 1-bedroom monthly rent: $1,825
- Median listing home price: $399,000
Located north of Philadelphia, Trenton is a diverse city with a rich history. The city is the capital of New Jersey and was also once the capital of United States.
- Population: 90,871
- Median household income: $37,002
- Median 1-bedroom monthly rent: $1,075
- Median listing home price: $169,900
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To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.