What Is My Home Worth Monmouth NJ?
Ranked 47th in size with an area of 8,729 square miles, New Jersey is a small, heavily populated state with a robust economy. New Jersey boasted a median household income of $67,034 in 2014, the third-highest in the nation. Eight of New Jersey’s counties are among the wealthiest 100 in the country, and Hunterdon, Somerset and Morris counties all have median household incomes above $95,000, landing them in the top 10 nationwide.
New Jersey’s advantageous position in the center of the Boston-New York-Washington corridor puts it in close striking distance of those major cities as well as Philadelphia and Baltimore. This favored location facilitated its rapid growth through the boom of the 1950s and beyond and to this day affords New Jersey a large and well-educated labor pool. 35% of state residents are college graduates, putting the state in the top five for undergraduate degrees nationwide. For graduate degrees, New Jersey ranks seventh.
Being within commuting distance of New York City and Philadelphia makes New Jersey real estate especially desirable. In 2015, the statewide median home value was $328,681, and the median rental price was $1,421. But commuting does have a price, as nearly 15% of New Jersey workers have an average commute of 60 minutes or more. About 500,000 people leave the state to work in New York City and Philadelphia every weekday.