Where Are The Most Affordable Areas To Live In New Jersey?

NEW JERSEY — The Garden State can be pricey place to live, but there are some areas that won't break the bank, according a recent study by SmartAsset.

SmartAsset, a financial technology company, curated a list of the 10 most affordable places to live in New Jersey. The company found that Camden County had some of the most affordable places, as well as Mercer, Ocean, Burlington, Atlantic and Monmouth counties.

To build this list, SmartAsset analyzed and compared closing costs, real estate taxes, homeowners insurance and mortgage rates across the United States.

Their analysis includes all N.J. cities with a population of 5,000 or greater. SmartAsset used the average home cost in each city over a five-year period, which was then measured as a proportion of the median household income in each place to determine affordability.

The most affordable places on the list were those in which total housing costs were smallest compared to the median income in each area.

According to NJ.com, the cities that made this top 10 list all have property taxes well below the current state average of $9,284. The highest property tax bill for a city on this list was $7,733.

Here are the 10 most affordable places to live in New Jersey, according to SmartAsset:

10. Berlin Borough Union County

• Average Closing Costs: $3,005
• Annual Property Tax: $7,936
• Annual Homeowner's Insurance: $887
• Average Annual Mortgage Payment: $9,735
• Median Income: $104,223
• Affordability Index: 37.54

9. Ramtown (Howell Township), Monmouth County

• Average closing costs: $3,597
• Annual property tax: $7,737
• Annual homeowner’s insurance: $1,298
• Average annual mortgage payment: $14,247
• Median income: $124,426
• Affordability index: 34.17

8. Stratford, Camden County

• Average closing costs: $2,716
• Annual property tax: $6,991
• Annual homeowner’s insurance: $682
• Average annual mortgage payment: $7,483
• Median income: $79,677
• Affordability index: 34.74

7. Twin Rivers (East Windsor Township), Mercer County

• Average closing costs: $2,921
• Annual property tax: $6,310
• Annual homeowner’s insurance: $820
• Average annual mortgage payment: $8,999
• Median income: $89,746
• Affordability index: 35.13

6. Gloucester City, Camden County

• Average closing costs: $2,437
• Annual property tax: $4,738
• Annual homeowner’s insurance: $479
• Average annual mortgage payment: $5,256
• Median income: $59,394
• Affordability index: 36.53

5. Pomona (Galloway Township), Atlantic County

• Average closing costs: $2,776
• Annual property tax: $5,757
• Annual homeowner’s insurance: $770
• Average annual mortgage payment: $8,456
• Median income: $82,191
• Affordability index: 36.85

4. Brown Mills (Pemberton Township), Burlington County

• Average closing costs: $2,600
• Annual property tax: $3,734
• Annual homeowner’s insurance: $600
• Average annual mortgage payment: $6,584
• Median income: $63,833
• Affordability index: 36.86

3. Yardville (Hamilton Township), Mercer County

• Average closing costs: $3,120
• Annual property tax: $6,938
• Annual homeowner’s insurance: $957
• Average annual mortgage payment: $10,508
• Median income: $107,229
• Affordability index: 36.91

2. Crestwood Village (Manchester Township), Ocean County

• Average closing costs: $2,277
• Annual property tax: $1,403
• Annual homeowner’s insurance: $279
• Average annual mortgage payment: $3,062
• Median income: $29,671
• Affordability index: 37.04

1. Ashland (Cherry Hill), Camden County

• Average closing costs: $3,005
• Annual property tax: $7,936
• Annual homeowner’s insurance: $887
• Average annual mortgage payment: $9,735
• Median income: $104,223
• Affordability index: 37.54