Want to Buy A New Home In New Jersey? Your Income Might Be Too Low

One of the big milestones in the lives of many Americans is attaining the status of Homeowner. For decades, part of adulthood is making enough money to be able to go house hunting and purchase a place to call your own.

But with inflation continuing to impact many people's quality of life, Americans have to earn more money to pay their bills and live comfortably. The income gap between the Upper Income Bracket and the "Working Class" is larger than ever, forcing the Middle-Class Income Tier to be the highest it has ever been in New Jersey.

So if the minimum Household Income to achieve Middle-Class Status has increased, then it should not be a surprise that the Household Income needed to buy a home has gone up as well.  The website Bankrate reviewed data from Redfin shows that the average American needs to earn an annual Household Income of $110,871 in order to purchase a Median median-priced house on the market.

How Much Income Do You Need To Buy A Home In New Jersey

The average American's Median Income according to the US Census Bureau is at $74,580 which means many people do not have the Household Income needed to buy a home.  According to CNBC, Median Home Prices since 2020 have risen 27 percent mortgage rates have doubled thanks in part to inflation.

For residents of the state of New Jersey, the Median Household Income needed is $152,186 to purchase an average-priced home on the market. That is the seventh highest in the United States, which is no surprise to anyone considering New Jersey is also the third highest in Household Expenses in America.

Top Ten States With Highest Household Income needed to purchase a home:

1) California: $197,057
2) Hawaii: $185,829
3) District of Columbia: $167,871
4) Massachusetts: $162,471
5) Washington: $156,814
6) Colorado: $152,229
7) New Jersey: $152,186
8) New York: $148,286
9) Utah: $133,886
10) Rhode Island: $132,343

If you are fortunate enough to have the income to buy a new home, you should make sure your home is protected from potential burglars and home invaders.  Here is some information Homeowners can use to protect the items they value the most: