Newark, NJ home values, income, and owner costs

The local figures answer the first question: In Newark, NJ, the 2024 ACS reports a median owner-occupied home value of $373,700, median household income of $52,060, and median selected monthly owner costs of $2,572 for owners with a mortgage. For borrower planning, together, those three reference points can nevertheless help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,572 measure combines recurring ownership expenses instead of real estate taxes alone. A useful affordability review starts with $373,700, $52,060, and $2,572, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Newark, NJ's $373,700 median home-value estimate is below the statewide $454,400 estimate, with a reported city-to-state gap of 17.8%. For borrower planning, that 17.8% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Newark, NJ. It does not mean every local property is 17.8% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. A borrower may use $373,700 and $454,400 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.