Ranked from ACS 2023 5-Year
Counties Where Renting Costs Far Less Than Owning in New Jersey
The widest gaps between median rent and the full monthly cost of owning the median home. A large gap does not automatically mean renting is the better decision, because rent buys no equity and is not fixed for thirty years, but it does show where the market prices ownership at a steep premium.
New Jersey ranked
| # | County | Monthly saved by renting | Median rent | Monthly to own |
|---|---|---|---|---|
| 1 | Bergen County | $3,012 | $1,863 | $4,875 |
| 2 | Monmouth County | $2,932 | $1,771 | $4,703 |
| 3 | Morris County | $2,783 | $1,860 | $4,643 |
| 4 | Essex County | $2,782 | $1,459 | $4,241 |
| 5 | Hunterdon County | $2,562 | $1,707 | $4,269 |
| 6 | Union County | $2,541 | $1,664 | $4,205 |
| 7 | Somerset County | $2,509 | $1,921 | $4,430 |
| 8 | Hudson County | $2,472 | $1,811 | $4,283 |
| 9 | Passaic County | $2,335 | $1,553 | $3,888 |
| 10 | Middlesex County | $2,051 | $1,810 | $3,861 |
| 11 | Cape May County | $1,861 | $1,345 | $3,206 |
| 12 | Mercer County | $1,706 | $1,515 | $3,221 |
| 13 | Sussex County | $1,636 | $1,503 | $3,139 |
| 14 | Warren County | $1,620 | $1,368 | $2,988 |
| 15 | Ocean County | $1,427 | $1,702 | $3,129 |
| 16 | Burlington County | $1,321 | $1,669 | $2,990 |
| 17 | Camden County | $1,243 | $1,346 | $2,589 |
| 18 | Gloucester County | $1,238 | $1,480 | $2,718 |
| 19 | Atlantic County | $1,222 | $1,325 | $2,547 |
| 20 | Salem County | $1,044 | $1,185 | $2,229 |
| 21 | Cumberland County | $721 | $1,254 | $1,975 |
Every figure is modelled on the county's own median home with 20% down at 7.03%. Property tax and electricity are county and state specific; homeowners insurance uses the NAIC average premium for that state, which ranges from 0.16% of home value in Hawaii to 1.16% in Oklahoma. Maintenance and water are national estimates. Full methodology.
Nationwide
Counties Where Renting Costs Far Less Than Owning across all 3,133 US counties · Every county in New Jersey