(photo credit: realtor.com)
While many cities in New Jersey are rather pricey places to live, it’s still possible to find spots that are fairly affordable, drawing retirees, families and young professionals to the state. Long Beach Township in Ocean County is a big draw with those 65 years of age or older, with over 51% of its residents in this age group, though it’s not the cheapest, with the mean home value here at nearly $850,000.
So, where you can find New Jersey’s cheapest houses for sale in NJ?
Clayton, Gloucester County
The most affordable town to live in New Jersey is Clayton, based on average costs, the average annual mortgage payment in relation to income, property taxes and homeowner’s insurance. Located about 27 miles south of Philadelphia and less than an hour west of Atlantic City, residents enjoy a small-town atmosphere and a rich sense of community in a safe place while enjoying easy access to a wide range of day trips, from big cities to east coast beaches.
Beachwood, Ocean County
Beachwood, located along Tom’s River, has an overall cost of living that’s 5% lower than the New Jersey average. It’s a wonderful place to raise of family and offers the chance to take advantage of private Beachwoods beach as well as lots of shopping opportunities and good schools. Look forward to fireworks displays at the beach and all sorts of fun recreation like swimming and fishing on the pier. There’s also a small playground for the kids.
Gloucester City, Camden County
CNBnews.net reported in 2014 that Gloucester City was one of the happiest places to live in New Jersey. Located along the Delaware River, it’s a smaller city with a population around 11,000 where crime is low compared to its larger neighbors and housing costs are significantly lower. Residents spend an average of less than a quarter of their net pay on a home in this area.
Franklin Park, Somerset County
Franklin Park, which borders Princeton to the north-east, is a former farming community with a median home cost of around $267,000. About an hour’s commute from New York City, it features acres and acres of green space as well as vibrant downtown areas with restaurants, bars and theaters. It’s also convenient to major universities like Princeton and Rutgers. There are a number of interesting natural and historic sites too, including the Rockingham Historic Site where General Washington lived at the end of the War of Independence. MONEY’s even ranked it among top 10 safest cities on its Best Places to Live List.
Hopatcong, New Jersey
The median home price in Hopatcong is $215,800, making it one of the most affordable areas in the state. This borough on Hopatcong Lake, the largest freshwater body of water in New Jersey, offers a variety of restaurants, marinas, boat rentals, water-skiing, wakeboarding and more. Any type of boating is allowed here, including large motor boats, sailboats, canoes and jet skis, all just 40 miles from New York City.