The 8 Cheapest Counties to Buy a Home in South Jersey

In recent years, unpredictable inflation has left many Americans uncertain about their financial future. As we approach the new year, the thought of change can be daunting for many Americans.

We know that New Jersey has the third highest household spending in the United States. This reality creates a demand for more economical living in a state where many New Jersey residents are proud to live.

NBC News researched market data to find out which counties in the United States are the most and least affordable for homebuyers. Their analysis shows that the cost index has increased by 89 percent in the last five years.

According to NBC News, the average home price in the United States is nearly $70,000 and economists have found that buying a new home is no longer “affordable” for many Americans. Only in 47 percent of U.S. counties (1,321 of 2,801) can households with annual incomes of $54,000 afford to buy a home.

What is the cheapest county to buy a home in South Jersey?

Based on NBC News’ Home Buyer Cost Index, they ranked each U.S. state by defining home affordability as a monthly mortgage payment of no more than 30 percent of a household’s monthly income. Therefore, we rank South Jersey counties based on the annual household income needed to afford an average-priced home in that county:

1. Cumberland County: $53,987
As the only county in the state of New Jersey with zero properties valued at $2 million or more, it should surprise no one that this is the cheapest county to purchase a home in New Jersey. The median income for Cumberland County residents is $66,239.

2. Salem County: $54,239
In addition to Mannington Township, considered one of the best places to buy a home in New Jersey, Salem County is also home to the Delaware Memorial Bridge. The median income for Salem County residents is $73,556.

3. Camden County: $67,359
Home to three of the top 50 suburbs to buy a home in New Jersey (Haddonfield, Springdale, Greentree), Camden is much more than just the namesake of the city of Camden. The median income for Camden County residents is $89,170.

4. Gloucester County: $70,081
Gloucester County boasts two of the 15 lowest cost of living suburbs in New Jersey (Turnersville, Mullica Hill) and enjoys a unique location near Philadelphia, Delaware and Atlantic City. The median income for Gloucester County residents is $106,671.

5. Atlantic County: $75,233
Atlantic County is home to two of the top ten retirement communities in New Jersey (Linwood, Margate City) and is one of the most diverse counties in New Jersey. The median income for Atlantic County residents is $82,640.

6. Burlington County: $78,283
With two of the top 40 places to buy a home in New Jersey (Medford Township, Chesterfield Township), the Burlington County border touches five neighboring New Jersey counties. The median income for Burlington County residents is $110,245.

7. Ocean County: $96,042
Ocean County is home to three of the top 40 places to retire in New Jersey (Bay Head, Lavallette, Beach Haven) and features some of the most popular coastal towns in New Jersey. The median income for Ocean County residents is $89,283.

8. Cape May County: $150,823
With four of the top 50 places to retire in New Jersey (Ocean City, Avalon, Cape May, Sea Isle City), Cape May County is the southernmost of New Jersey’s 21 counties. The median income for Cape May County residents is $92,821.

All homeowners are concerned about property tax rates in their community. But the good news is that these New Jersey communities recently reduced their property taxes: