SOUTH PLAINFIELD, NJ – The online personal finance website NerdWallet crunched the numbers to find the top communities for homeownership in New Jersey. New Jersey was selected due to its location between the major metropolitan areas of New York City and Philadelphia.
South Plainfield placed #4 in the analysis of 70 New Jersey communities with populations greater than 15,000 residents. The study showed South Plainfield had a homeownership ratio of 84.8% with a median home value of $334,800 and median income of $7,606 per month. When crunching the numbers NerdWallet reports South Plainfield residents on average spend 31.7% of their monthly income on mortgage and utilities bills each month.
When crunching the numbers NerdWallet claims their analysis answered the questions “Are homes available? Can you afford to live in this community, and is the area growing?”
The study showed 16 of the top 20 communities were within commuting distance to New York City, and the median home values in all of the top 20 communities exceeded $200,000.
For the complete report on Best Places for Homeownership in New Jersey go to http://www.nerdwallet.com/blog/cities/best-places-homeownership-new-jersey/