New Jersey Rental Market Data

By TrueCap · built by a Philadelphia rental investor

U.S. Census Bureau figures for New Jersey (American Community Survey, 2024 1-year estimates): the median owner-occupied home is valued at $496,000, owner-occupied homes paid a median $9,358 a year in real estate taxes, and renters occupied 1,279,124 of the state's 3,543,944 occupied homes (36.1%).

This page collects New Jersey data from two federal sources: the Census Bureau's American Community Survey for home values, real estate taxes paid and the share of homes that are rented, and HUD's Fair Market Rent for each New Jersey city TrueCap covers. Use them to set your first assumptions, then verify the parcel before you offer.

New Jersey at a glance

Median home value: $496,000; Owner-occupied homes. American Community Survey 2024 1-year, table B25077. Census table.
Median real estate taxes paid: $9,358 a year; Owner-occupied homes. American Community Survey 2024 1-year, table B25103. Census table.
Renter-occupied homes: 36.1%; 1,279,124 of 3,543,944 occupied homes. American Community Survey 2024 1-year, table B25003. Census table.

HUD Fair Market Rent (FY2026) by New Jersey city

HUD Fair Market Rent (FY2026) is set for the county or metro area that contains each city. Fair Market Rent is HUD's estimate of the 40th-percentile gross rent for standard-quality rental units in an area, used to determine payment standard amounts for the Housing Choice Voucher program: a percentile, not an average of current asking rents. It is an area benchmark for a 2-bedroom or 3-bedroom unit, not what a specific unit rents for: compare it with current leases for the address. When you enter a supported New Jersey address, TrueCap fills rent with a HUD benchmark as a placeholder (ZIP-level when available, otherwise the HUD Fair Market Rent area; when an address has no county match, a statewide HUD figure, labeled as such), so you can see it and replace it with the property's own leases.

HUD Fair Market Rent (FY2026) by New Jersey market city
City	2BR / month	3BR / month
Newark	$2,205	$2,761
Paterson	$2,324	$2,835
Trenton	$1,950	$2,338

New Jersey rental data: common questions

What is the median home value in New Jersey?

The U.S. Census Bureau's 2024 American Community Survey (1-year estimates) puts the median value of owner-occupied homes in New Jersey at $496,000.

Source: Median Value (Dollars), table B25077, American Community Survey 2024 1-year estimates, retrieved September 27, 2026

How much do New Jersey homeowners pay in real estate taxes?

Owner-occupied homes in New Jersey paid a median $9,358 a year in real estate taxes in the Census Bureau's 2024 American Community Survey (1-year estimates).

Source: Mortgage Status by Median Real Estate Taxes Paid (Dollars), table B25103, American Community Survey 2024 1-year estimates, retrieved September 27, 2026

What share of New Jersey homes are rented?

Renters occupied 1,279,124 of New Jersey's 3,543,944 occupied homes (36.1%) in the Census Bureau's 2024 American Community Survey (1-year estimates).

Source: Tenure, table B25003, American Community Survey 2024 1-year estimates, retrieved September 27, 2026

What is HUD's Fair Market Rent in New Jersey cities for FY2026?

HUD Fair Market Rent (FY2026), 2-bedroom and 3-bedroom, for the HUD area that includes each city: Newark $2,205 and $2,761; Paterson $2,324 and $2,835; Trenton $1,950 and $2,338.

Source: HUD FY2026 Fair Market Rent documentation: Newark (Newark, NJ HUD Metro FMR Area), retrieved September 28, 2026; HUD FY2026 Fair Market Rent documentation: Paterson (Bergen-Passaic, NJ HUD Metro FMR Area), retrieved September 28, 2026; HUD FY2026 Fair Market Rent documentation: Trenton (Trenton-Princeton, NJ MSA), retrieved September 28, 2026

Sources & methodology

Data as of HUD FY2026 (retrieved July 13, 2026). Census figures: American Community Survey 2024 1-year estimates (retrieved September 27, 2026).

Census figures describe the whole state; HUD figures describe the FMR area that contains each city.

Median Value (Dollars), table B25077, American Community Survey 2024 1-year estimates, retrieved September 27, 2026
Mortgage Status by Median Real Estate Taxes Paid (Dollars), table B25103, American Community Survey 2024 1-year estimates, retrieved September 27, 2026
Tenure, table B25003, American Community Survey 2024 1-year estimates, retrieved September 27, 2026
HUD Fair Market Rents: definition and uses (huduser.gov), retrieved September 27, 2026
HUD FY2026 Fair Market Rent documentation: Newark (Newark, NJ HUD Metro FMR Area), retrieved September 28, 2026
HUD FY2026 Fair Market Rent documentation: Paterson (Bergen-Passaic, NJ HUD Metro FMR Area), retrieved September 28, 2026
HUD FY2026 Fair Market Rent documentation: Trenton (Trenton-Princeton, NJ MSA), retrieved September 28, 2026

Figures with a source can be checked against the pages listed here. See our full methodology.

Three things to verify locally

Property tax bill.: Pull the current bill for the parcel from the county assessor or treasurer, then check whether a sale changes the assessment. The statewide Census median describes owner-occupied homes, not the bill you will pay.
Rental licensing and permits.: Check whether the city or county requires a rental license, registration, inspection, or certificate of occupancy for the address before you close, and budget any fees.
Insurance quotes.: Get a written landlord-policy quote for the specific property, with wind, hail, or flood coverage where the property needs it, and enter that premium in place of a statewide or default figure.