What N.J. towns are the most affordable to live in?

 

By Kristina Pritchett | South Jersey Times 
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on January 31, 2015 at 9:00 AM, updated January 31, 2015 at 1:23 PM

 

BeliefsCLAYTON -- A recent survey conducted by SmartAsset ranked the borough as the most affordable place to live in the state. The study was based on average costs, annual property taxes, annual homeowner's insurance and average annual mortgage payment in relation to the local median income, according to SmartAsset. "Specifically, we found the total cost over five years of these four expenses -- closing costs, taxes, insurance and mortgage payments -- for the average home in every county in the U.S. and every city with a population greater than 5,000. We then took that five-year cost as a proportion of median household income in each county and city to determine affordability," the site said. Clayton Mayor Tom Bianco said he's happy about the results. "I'm extremely excited and proud that Clayton has been recognized as the most affordable place in New Jersey to live, but more importantly that Clayton is a community where people want to live and to raise their families," Bianco said. Below are the results of the survey starting from the most affordable:

1. Clayton, Gloucester County

Average closing costs: $3,493 Annual property tax: $5,110 Annual homeowner's insurance: $1,003 Average annual mortgage payment: $9,771 Median income: $72,583 Affordability index: $24.04

6. Palmyra, Burlington County

Average closing costs: $3,430 Annual property tax: $4,573 Annual homeowner's insurance: $983 Average annual mortgage payment: $9,545 Median income: $64,236 Affordability index: 22.00

 

2. Beachwood, Ocean County

Average closing costs: $4,414 Annual property tax: $4,432 Annual homeowner's insurance: $1,293 Average annual mortgage payment: $12,529 Median income: $81,860 Affordability index: 23.38

 

7. Audubon, Camden County

Average closing costs: $3,905 Annual property tax: $6,333 Annual homeowner's insurance: $1,133 Average annual mortgage payment: $10,988 Median income: $75,841 Affordability index: 21.17

 

3. Gloucester City, Camden County

Average closing costs: $2,772 Annual property tax: $4,302 Annual homeowner's insurance: $769 Average annual mortgage payment: $7,474 Median income: $55,241 Affordability index: 22.98

 

8. Pitman, Gloucester County

Average closing costs: $3,715 Annual property tax: $5,468 Annual homeowner's insurance: $1,073 Average annual mortgage payment: $10,473 Median income: $68,763 Affordability index: 20.70

 

4. Franklin Park, Somerset County

Average closing costs: $4,623 Annual property tax: $5,497 Annual homeowner's insurance: $1,358 Average annual mortgage payment: $13,134 Median income: $87,945 Affordability index: 22.90

 

9. Franklin, Sussex County

Average closing costs: $3,908 Annual property tax: $5,052 Annual homeowner's insurance: $1,134 Average annual mortgage payment: $11,072 Median income: $69,659 Affordability index: 20.63

 

5. Hopatcong, Sussex County

Average closing costs: $4,600 Annual property tax: $6,022 Annual homeowner's insurance: $1,351 Average annual mortgage payment: $13,206 Median income: $87,966 Affordability index: 22.15

 

10. Pennsville, Salem County

Average closing costs: $3,185 Annual property tax: $4,400 Annual homeowner's insurance: $903 Average annual mortgage payment: $8,755 Median income: $56,689 Affordability index: 20.60

 

 

Article Link: http://www.nj.com/south/index.ssf/2015/01/what_nj_town_is_the_most_affordable_to_live_in.html